It has provided the world with innovative modes of communication from one end of the globe to the other . Another area which has witnessed ground-breaking revolution is the conception of e-commerce; an idea which would have seemed unattainable for a man in the past. E-commerce encapsulates the concept of buying and selling products online, which involves money transactions from around the world. Since these transactions are usually done through credit cards, therefore this raises a need to authenticate and verify the customers who are involved in purchasing goods online. Their location, personal information and account information need to be verified so that the chances of fraud can be minimized .
There are over 1.2 billion internet users all over the world ; Cheskin Research & Studio Archetype/Sapient concludes some internet users pose threats and some pose opportunities . One of the major threats prevailing in the modern age is the validity of the transactions that take place online . This mistrust in business owners is the product of the thousands of fraud cases witnessed in the past and this has led the companies to deploy extreme security measures to tackle this threat . The goal of e-commerce sites is as follows; one is to reduce the degree of fraudulent activities, try to lower the number of rejections for legitimate orders as much as possible and minimize the number of manual reviews of transactions which prove to be costly for the company . From these three objectives, it can be seen that fraud is their top most concern and due to this they spend a large part of their resources in overcoming this challenge.
The mode of payment in e-commerce transactions is through ‘credit cards’; which have established more opportunities for businessmen but at the same time introduced new problems in the whole process of selling goods . Things were much simpler for business owners (also