Payment Systems & Security From PayPal to Debit cards, from EFT to Credit cards, this modern world has been inundated with new ways of making business transactions. Instead of the conventional use of dollars and nickels, now there are electronic payment systems. These types of systems allow for better trust and acceptance between consumer and businesses. In the traditional way of buying a product, one would see a product in person, and pay for it with cash or credit. In e-commerce, the business uploads images of its products online and it enables its customers to shop it using any type of electronic payment system. Electronic payment systems can enable a customer pay for the goods and services without actually having to see them first. Payments systems such as electronic ones main objective are to improve security, increase efficiency, and boost customer convenience and ease of use. Some forms of Electronic Payment Systems are the following: o Electronic funds transfer (EFT) - EFT includes electronic transfer of money via financial institutions. o Payment cards - They include stored financial value that can be moved from the customer's computer to the businessman's computer. o Credit cards - They are the most popular method used in EPSs and are used by charging against the customer credit. o Smart cards- They incorporate stored financial value and other important personal and financial information used for online payments. o Electronic money (e-money/e-cash)- This is customary money converted into an electronic format to pay for online purchases. o Online payment-This can be used for monthly payment for Internet, phone bills, etc. o Electronic wallets (e-wallets) - They are similar to smart cards as they include ... ... middle of paper ... ...et up illegitimate credit card accounts, bank accounts and other accounts – this is called identity theft. That an individual will attack or corrupt the data in the electronic system, either as vandalism or to extort money from the sponsoring financial institutions. That an individual will take advantage of the convenience and speed of the electronic system to mask illegitimate or illegal transactions – i.e., money laundering. That a an individual will take advantage of the efficiency of the electronic system to facilitate funding of illegal activities, particularly terrorism It is also useful to consider not only these specific threats, but also the underlying themes that are of particular concern in recent years. Three such themes are terrorism, identity theft and internal fraud (that is, fraud committed by employees or other “insiders” in the organization).
Terrorist and criminal organization have internal problems that can be exploited by law enforcement and policy makers. Form author Nikos Passas we understand that terrorist organization have a lot of different methods of funding, including crime and charities. According to Passas the best way to combat this is to increase transparency and traceability in economic transactions, which was also concluded by author Jonas R. Want in his article discussing the regulation of Hawala. By doing this globally we can combat the financing of terrorist and criminal groups by having better knowledge of the movement of their money. According to author William Phil’s two thousand and seven peace, following the money is the most powerful tool in combating illegal financial transactions. The argument is supported by an Bichler, Bushes, and Malm’s article that states that understanding the market system in which criminal organizations operate is necessary when identifying the key players and mechanisms used. Overall, strengthening financial transaction transparency will help law enforcement combat both terrorist and criminal organization which will have great affects on both organizations
Identity theft is an increasing epidemic. Some of the ways a person can commit identity
getting compromised. This technology is going to extend beyond just Apple Pay; it will be a
The user can then print the invoice, send it to the customer, and wait for payment to arrive. Expenditure cycle. The expenditure cycle recording is facilitated by Sage 50 in the same way as the revenue cycle. The user enters the vendor into the system. These vendors are tracked individually by the system.
Operating a petty cash system so reimburse staff if they have used their own money to pay for business items, for example taxi fares.
Basically, this research paper aims at exploring the threats that most users of financial information have gone through in divergent parts of the world over the recent past. In addition, the paper seeks to come up with coherent findings one the most contemporary local and overall financial disinte...
Criminal identity theft is basically that someone impersonates an unknowing victim; the offender might commit fraud or any il...
III. Thesis Statement: Identity Theft is rapidly becoming a national issue because anyone of us could be a victim of identity theft. How we protect our self, keep our information private, identify any signs of identity theft, and report and repair our credit is up to each one of us. We have to be vigilant about our protecting ourselves from criminals.
E-commerce, a system by which people can buy, sell and deal without even seeing the person on the other side, has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking.... ... middle of paper ... ...
receiving money by means of computers in an easy, secure and fast way using an account-based system. This can be
The invention of money is perhaps one of the greatest achievements of human civilization. From the very beginning of society, people have used money to circumvent the difficulties of bartering and to foster trade and commerce. Since then, money has come a long way. No longer do we need to rely on silver coins, cocoa beans, or even anything of intrinsic value to conduct our business; today, we use paper currency, which is convenient and easy to carry around. But slowly, we are moving into the digital age of money, an age in which less of our money is actually tangible and more of it is just data on a computer server. To some, this prospect may seem daunting. However, given the major advantages of electronic money over outmoded paper counterpart, society as a whole should embrace the upcoming era of digital money.
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
Electronic Commerce as popularly as E-commerce has become a big deal in our growing economy due to the increase use of online systems. E-commerce now of the fastest growing business in the world. The technology has change the way of business. Business that have physical location have now made it an effort to focus their online business. It is the new sort of business platform where you can make use of different technologies like electronic data interchange or transfer document electronically. Online business is an effective of sales.
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...
E-commerce or electronic commerce is carrying out business communications and transactions through computers and over networks. It involves buying and selling of goods and services through digital communication. E-commerce also includes transactions on the World Wide Web and the Internet and means such as electronic funds transfer, smart cards and digital cash. E-commerce covers outward facing processes that interact with customers, suppliers and external partners such as sales, marketing, delivery, customer service, purchasing of raw materials and supplies for production.