Chapter 11 : Online Payment System
Internet Technologies and payment system threats
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 targeted Web sites.
Cheque processing
Cheque were processed pyhsically by banks and clearing houses
In recent , bank give access to the customer PDF images by processed cheque to account folders.
Mobile Banking
Mosts bank today offers moile apps that allows customer using smartphone or tablet devices to obtain their bank balances , view their account statments or find nearby ATM
Digital Cash
E- cash is a general team that describe any value storage and exchange system created by a private (non-gov) entity that does not use paper documents or coins and that can surve as a substiute for gov-issued physical currency
Advantages: Provides no audit trail: that is digital cash is just like real cash in that it cannot be easily tracted
Disvantages: new kind of digital cash to emerge one day that would render existing digital cash system obsolete , making the digital cash worthiness
Category of payment cards
Credit cards
Debit cards
Charge cards
Prepaid cards
Gift cards
Advantages: Payment cards provides fraund protection
Disvantages
Card services companies do charge merchants per transaction fees and montly processing fees for processing payment
Online Payment
Online payment refer to many 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 result in transfer of monetary funds from the customer bank or credit card account to your bank account .