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ONLINE PAYMENT SYSTEMS (Payment Acceptance and Processing (Open and closed…

- - - - People prefer to buy small value items in fixed price chunks
      - Example: mobile phone fixed monthly payment plans
  - - - All failed
  - - - Buyers make purchases using their mobile phones
      - Charges appear on monthly mobile phone bill
      - Bright future held back by mobile carriers’ substantial charges
- - - - Fraud protection
    - - Liability of fraudulent card use: $50
    - - Worldwide acceptance
    - - Per-transaction fees, monthly processing fees
      - Goods and services prices: slightly higher
    - - Annual fee
- - - - cash storage (Consumer has no personal possession of electronic cash)
      - system payment (Merchants contact consumer’s bank)
    - - cash storage (customer holds it)
      - Double-spending (Spending electronic cash twice)
- - - - American Express, Discover Card
    - - Credit card associations
      - Customer issuing banks (issuing banks)
    - - Acquirer fees
      - Interchange fees
- - - - Stores information on consumer's computer
    - - Stores customer's information on remote server or merchant or wallet publisher
- - - - Delay between the time person write check and the time check clear to person bank
      - bank’s customer obtain free use of finds for few days
      - bank loses use to fund for time period
      - can become significantly longer than few days
- - - - particular concern to financial institutions
      - Technique for committing fraud against online businesses customers
    - - average customers
      - large amount of money provide templir
- - - - actually leads to perpetrator website disguised to look like the targeted website
      - appears to be websites login pages
    - - to account with potential for an account at targeted website
    - - receipts must log on to account to correct problem
    - - perpretrator captures
      - uses to access recipent account
      - perpetrator accesses personal information, make purchases and withdraw funds
  - - - phony site invisible due to javascripts code
      - https:www.paypal.com@218.36.41.118/fl/login.html
      - Link appears different in e-mail
    - - look exactly like browser address bar
    - - looks more convincing
- - - - Collectors: collect information
      - Cashers: use information