E-Commerce Fraud Essay - 2134 Words

As internet use develops, both businesses and consumers are utilizing this opportunity to achieve their goals. Some of these goals include expanding into greater markets for businesses and shopping online for consumers. These online transactions now encompass much more than the traditional online banking. They represent the billions of merchants and consumers whom take part in online transactions twenty-four hours a day. With this, credit cards and online transactions are quickly becoming an important legal issue. The different areas include: types of payment methods and their components, legislation, and online security such as encryption software. All parties must understand this complex scenario to successfully navigate and participate†¦show more content†¦The main benefits of these electronic payments systems are efficiency and cost savings. â€Å"Estimates are that processing payments electronically saves $1 per transaction over processing paper checks† (Hiller 2 44). Consumers are also taking advantage of online banking and bill payments as this has seen increases in use . The credit card processing system is â€Å"based on trust and is designed to protect everyone involved:† merchant, issuing bank, and cardholder. AA Access Credit Card Company outlines the five basic components in an efficient credit card processing system . First, the credit card issuing bank. Second, is the consumer. Third, the merchant services account. Fourth, the acquiring processor/ acquiring bank. Fifth, the merchant bank. These five components apply to the different ways in which a credit card may be used as payment: swiped through a credit card terminal, keyed in with a pad, accept the customer’s credit card number over the phone, or real time card processing. However, the difference between the types of payments is the various levels of security. â€Å"83% of Internet users said their main concern about online shopping is payment security 6).† The explosion of e-commerce and the option to purchase goods and services over the internet has increased the convenience of shopping. Companies like Paypal, Paysystems, and Digibuy are all third party providers that handle credit card transactions and set up security measures toShow MoreRelatedQuestions On E Commerce Fraud1221 Words   |  5 PagesE-commerce fraud refers to any type of scheme that uses websites, emails, or any Internet related function in order to present fraudulent solicitations, steal personal information, conduct fraudulent transactions, or transmit money from bank to bank or to other cyber criminals. 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