CHAPTER 11: ONLINE PAYMENT
SYSTEMS
Digital Cash and Digital Wallet
Internet Technologies and Payment System Threats
Payments Card
Online Payment
e-cash is a general term that describes any value storage and exchange system created by a private (non-gov) entity that does not use paper documents or coins and that can serve as a substitute for gov-issued physical currency
Disadvantages - New kind of digital cash to emerge one day that would render existing digital cash systems obsolete, making the digital cash worthless
Advantages - Provides no audit trail; that is digital cash is just like real cash in that it cannot be easily traced
Categories of payment cards
Credit cards
Debit cards
Charge cards
Prepaid cards
Gift cards
Advantages - Payment cards provide fraud protection
Disadvantages - Card service companies do charge merchants per transaction fees and monthly processing fees for processing payments
Online payment refers to money that is exchanged electronically. Typically, this involves use of computer networks, the internet and digital stored value system.
Online payment usually is the transaction that results in transfer of monetary funds from the customer bank or credit
card account to your bank account.
Cheque processing
Mobile banking
Phishing Attacks
The basic structure of a phishing attack involves an attacker who send email messages to a large number of recipients who might have an account at a targeted Web site
Cheque were processed physically by banks and clearing houses
In recent, bank give access to the customer PDF images by processed cheque to account folders
Most banks today offer mobile apps that allow customers using smartphones or tablet devices to obtain their bank balances, view their account statements, or find nearby ATM