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Hong Kong and the Impact of Cyber Crimes
Pages 3 (753 words)
Hong Kong and the Impact of Cyber Crimes Technology is, without a doubt, “one of the most important contributory factors underlying the internationalization and globalization of economic activity” (as cited from Stonehouse and Campbell, 2004, p. 270). It has made almost all things possible in business, and defied the boundaries set by time and space…
Nonetheless, no process is without a flaw; and many take advantage of this fact to steal from individuals and organizations that engage in e-payments. Despite all efforts of the government to restrain cyber crimes, and of information technology specialists to fortify domain firewalls, anxieties related to online transactions are mounting, and in a way, adversely affect international marketing endeavors. I. E-payment and Cybercrimes Electronic payments “refer to the systems and strategies required to enable the actual disbursement of funds electronically. It is concerned not only with the electronic transactions themselves, but also with the infrastructure required for billing and buyer authentication” (Botha and Geldenhuys, 2004, p. 67). The funds may be in the form of electronic checks, credit cards, purchasing cards, and electronic cash (Rainer and Cegielski, 2007). Authentication typically involves the username and password tandem, although other institutions support extended verification systems. For instance, Hong Kong and Shanghai Banking Corporation (HSBC) provide internet bankers with security device, while Emirates NBD incorporate the CHIP and PIN technology in all debit accounts. ...
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