This paper “Security for Credit Card Fraud in E-commerce” discusses such an activity which has become one of the major fears across the globe; credit card fraud. Many technologies have been devised to tackle this problem; one of the most effective ones is geo-location technology…
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 topmost 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 . ...
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Due to the security implication of transmitting data via the internet, the data (binary) can be encoded on transmission and decoded on retrieval. The use of cryptography in this case tries to prevent eavesdropping by unwelcome parties.Even with the use of cryptography to protect calls; hijacking of calls also proves to be a major threat.
With a click of the mouse, pedophiles can gain access to a massive number of social networking sites where young children frequent on-line. To counter this menace, law enforcing agencies have adopted various sting operations to catch perpetrators in flagrante.
The author explains that credit card fraud includes theft of personal information which provides access to another individual’s account. When the card is physically stolen, the theft can be discovered quickly but when personal information is stolen, it can take longer. Charges incurred through credit card fraud can be exorbitant.
This paper will provide a background about credit card use, credit card fraud, its implication, as well as recommendation to reduce commission of the crime. Use of credit card or plastic cards started in 1965 although Woolsey and Gerson (2009) traces the practice with issuance of proprietary cards by oil companies and department stores in 1900 whwrein the card is useful in the same business.
Online stores business management have become a prodigious task for entrepreneurs who are now inventing brand technologies in order to make their online stores a success. Online business value their website appearances, navigation, content placements, ease of search for their products and services, frequent editing flexibility, payment gateways
E-commerce presents a strategic platform that offers organizations and consumers an easy-to-use and convenient way of transacting in business. However, the security concerns regarding the system have caused a majority of business organizations and individual consumers to remain wary of it.
The author in his article stated that e-commerce services deals in heavy transactions. So this attracts hackers. He tries ways to extract confidential data like Phishing. The term phishing describes a combination of techniques used by cyber crooks to bait people into giving up sensitive personal data such as credit card numbers, social security numbers.
‘Internet’ is termed as one of the most revolutionary inventions of the 21st century . It has proved to be a multi-purpose invention that serves the needs of communication for some and acts as a source for information for the others.
He continues to claim that ecommerce will soon become the easiest way to buy or sell due to its convenience and flexibility.
Most common features of ecommerce technologies include: straightforwardness of automated processing,
8 Pages(2000 words)Essay
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