Please enable JavaScript.
Coggle requires JavaScript to display documents.
E-Commerce (Potential Solution (Limit amount of information provided on…
E-Commerce
Potential Solution
-
-
Before inserting your card in ATM's, pull on the card inserter to see if there is skimming device covering it.
Don't make transactions on public computers or on unsecured wifi areas.
eg. internet cafe, library
-
-
Issue
Card Skimming
Occurs when the customer's credit card is out of their sight and illegally collecting data from the magnetic stripe of a credit card.
eg. At an ATM, a skimming device is hidden behind the panel of the machine and skims the data as the customer inserts the card to complete an transaction.
Identity theft
Similar to card skimming. Hacker's and other unauthorised people start to steal data from individuals. They then start collecting people's financial details including their name, date of birth, address, banking details, driving licence number. Then, criminals are able to apply online for a credit or debit card or loan under the person's name.
Phishing
Involves unauthorised criminals sending emails to individuals pretending to be a bank, other type of financial institution etc stating their account is locked and it needs to be unlock by providing their card details and pin.
Stakeholder
Victim
-
Disadvantage
Significant amount of money lose. Any defaults regarding their repayments may be recorded on their credit report. This results to credit applications being declined. Criminals may try to use the data again
Business
-
Disadvantage
Money lost. This in turn gets passed onto the other customers of the organisation through higher charges or interest rates
Main Issue
Conductions transactions electronically has come to an enormous amount of issues regarding the security of the data and people involved in these transactions. As many electronic transactions requires the use of credit cards, there is possibility that the card data could fall into the wrong hands and could be used for additional transactions not made by the cardholder
Many organisations started to create e- commerce websites that allowed their customers to complete transactions online. For example businesses like banks, restaurant, shops, travel agents and governments, embraces the chance to conduct business online. This also allows stores and even utility companies to start accepting payment by credit or debit card instead of cash and paying bills online. Banks then introduced Automatic Teller Machines (ATM).