Please review the draft using the C.A.R.E.S template. This is a peer review. Please do not make it accessible to others. Thanks

Trends in the Financial Management Industry

In today's financial management do you understand how cybersecurity protects your finances? With more and more technology emerging we now use it as a quality of life or during a pandemic to help us navigate, especially when it comes to online banking. Financial management has been undergoing new trends when it comes to online transactions, data protection, and cybercriminals. According to Gerstner " PayPal, Venmo, Zelle, Cash App and others make it easy to send and receive money" (Gerstner 2022), these are all online transactions that most of us use today.

Discussion of Three Trends

Online Transactions

If we were to ask our grandparents about financial transactions, they would tell us about the long lines they had to deal with at the bank. When they needed to deposit, transfer, or withdraw funds they would have to fill out a small slip and wait in line until the teller was available to conduct their transactions. Technology has provided the opportunities to conduct all our financial management at the touch of an app.

According to the Journal of Sustainable Development, "With all the advantages of online banking transactions to customers, including faster and easy access to transact data, worldwide connectivity, remote account access, the new technology doesn't require proprietary software or access to the private network" (JIBRIL, A. B., KWARTENG, M. A., CHOVANCOVA, M., & DENANYOH, R. pg.35). Most of our banking transactions are done online and not in line creating a fast trendy way of banking. Online transactions have made life so much easier, however we must think about cybersecurity when it comes to all that data online and what protection is provided.

Data Protection

Data protection can come into play when conducting any financial management requirements. We all want to make sure that our investments are protected along with our money and savings especially with all this new technology. However, database is an ever-growing challenge for the top management of both financial institutions (O. V., K., Kublek, J., Bozhenko, V. V., Kushneryov, O. S., & Vida, I. 2021) and how are we sure they can provide us with the data protection we need?

The General Data Protection Regulation (GDPR) ensures that banks provide data protection. Although the GDPR is established for banks it doesn't apply to cash apps. Cash apps will allow you to request money from friends and family, it will allow you to pay people too. However, when it comes to their data protection you must follow their rules and regulations, or you may find yourself with no money in these apps to create different translations. The efforts data protection puts into place is to protect the consumer from cybercriminals and depleting all your funds.

Cybercriminals

Cybercriminals have different methods of tampering with data and hacking into systems. Financial management is one of the leading trends for cybercriminals. According to McCarthy "Global money laundering transactions are estimated to be $3.5 trillion annually" (Killian J. McCarthy.,2018) due to online transactions. These transactions effect both the company and the consumer.

This new trend of cybercriminals has become so intelligent to where the use of technology to hack systems is being used or they are creating equipment to steal information in order to gain funding or assets.Most people are not aware of the technology that is out there to hack their cash apps, online banking, or investments. With cybersecurity evolving they may be able to limit the cybercriminals attempts to gain asses to our financial systems.

An Important Emerging Issue[MF1]

This section begins with an introductory paragraph that identifies an emerging issue or problem and makes a claim about its significance in your industry.

[Theme][MF2]

For the rest of the paper, you will develop an argument that supports this claim (clearly stated in your introduction).The body paragraphs need to describe and justify your proposed approach to the issue and explain how it relates to how other organizations or experts have addressed the same issue based on research. While presenting your argument, you should also anticipate and refute counterarguments or alternative approaches. By showing that you understand other approaches and being very clear about how your approach is preferable, you will be more likely to convince readers to take your advice.

Use information from your sources to support your ideas while ensuring that your own voice and ideas control the paper.Again, be sure to include in-text citations.

[Theme]

Continue to describe and justify your proposed approach to the issue and explain how it relates to how other organizations or experts have addressed the same issue based on research.

[Theme]

Continue to describe and justify your proposed approach to the issue and explain how it relates to how other organizations or experts have addressed the same issue based on research.

You may not have a third theme or may need an additional Level 2 headings for more themes - adjust the template as needed.

Conclusion

Based on the above discussion of three trends (Part 1) and a deeper discussion of an important issue (Part 2), this section will consist of 1-3 paragraphs that provide conclusions about the trends, emerging issue, and the impact on the industry. You may discuss areas of uncertainty that require further research, but do not introduce anything new here except make focused conclusions about the trends and issue based on your synthesis of the ideas from your resources and your own thoughts.

References[MF3][MF4]

Killian J. McCarthy. (2018). The Money Laundering Market: Regulating the Criminal Economy. Agenda Publishing

Samantha Partington. (2021, April 28). Who CAN you trust online for money tips? Daily Mail, 40

GERSTNER, L. (2022). How to Choose the Right Payment App. Kiplinger's Personal Finance, 76(1), 52-55.

O. V., K., Kublek, J., Bozhenko, V. V., Kushneryov, O. S., & Vida, I. (2021). An Approach to Managing Innovation to Protect Financial Sector against Cybercrime. Polish Journal of Management Studies, 24(2), 276-291.https://doi-org.ezproxy.umgc.edu/10.17512/pjms.2021.24.2.17

JIBRIL, A. B., KWARTENG, M. A., CHOVANCOVA, M., & DENANYOH, R. (2019). Customers' Constraints Towards Online Banking Transaction: A Literature Review. Journal of Sustainable Development (1857-8519), 9(23), 29-43.

This is where Part 2 (due at the end of Week 3) begins.[MF1]

In this section you will identify an emerging issue or problem within your industry. This could be one of your three trends, or it can be related to the industry. This section will be around 2-3 double-spaced pages.

To make this section more readable, use Level 2 headings (left-justified and bold) to organize information by theme.[MF2]

The final submission should include at least six references.

See the UMGC Library's General Rules - APA 7th Edition Citation Examples - LibGuides at University of Maryland Global Campus (umgc.edu) for additional guidance. [MF3]

An example of a student paper in APA 7 format can be found here: Sample Annotated Student Paper in APA Style

Insert a page break here so your References page is created correctly (it should always start on a new page). In Word, go to "Insert" and "page break".[MF4]

template

Writer: Reviewer:

Criterion	Details
C:Congratulate	What does the writer do well in this assignment? (List one or more aspects.) Also, please write the writer's main claim or focus (thesis) according to what you have read. (It might not be the last sentence of the first paragraph, which is the traditional location of the thesis.)
A:Ask clarifying questions	What parts of the essay were a bit confusing? Why?
What specific suggestions (give three or fewer) do you have for revising the unclear parts of this writing? (See the sample suggestions below this table.)
R:Request more	What other information about the topic would enhance the essay and support the thesis?
E:Evaluate its value	Which specific details do not work in the essay (for example, those that don't support the thesis) or could be moved?
S:Summarize	Overall, what new information have you learned, and/or how has this essay changed your thinking?