Threats to Ecommerce
The use of the internet unfairly with the purpose of stealing, fraud, or security breaches
constitutes an e-commerce threat. E-commerce risks come in many different forms. Some of
them are the result of human error, while others are unintentional. The most frequent security
risks include fraud involving credit/debit cards, electronic payment systems, e-cash, and data
misuse.
Electronic payments system
Ecommerce has assimilated into daily life as a result of the quick advancement of computer, mobile, and network technologies. Customers who use e-commerce can place orders from
home, freeing up time for other activities. There is no requirement to go to a shop or store. The
user may quickly compare products with various qualities, such as price, color, and quality, from a variety of online businesses.
In e-commerce, electronic payment systems play a crucial role. Electronic payment systems are
used by e-commerce businesses to conduct cashless transactions. Lowering the amount of
paperwork, the cost of transactions, and the cost of labor, transformed commercial processing. Processing for e-commerce is easier to use and takes less time than manual processing. A
corporate organization can increase its market reach by using electronic commerce. The
electronic system carries some risks.
Fraud Potential
A large chance of fraud exists with an electronic payment method. Passwords and security
questions are used by computing equipment to verify a person's identification when approving
payments. These authentications do not provide 100 percent security as to a person's
identification. The system does not care who is on the other side of the password and the
answers to the security questions match. Our money will be accessible to anyone who knows
our password or the answers to our security question, allowing him to take it.
IToverify tax compliance, the Internal Revenue Service law mandates that every business report
its financial activities and submit paper records. Electronic systems have the drawback that
they do not neatly fit into this paradigm. It makes the Internal Revenue Service's tax collecting
process incredibly difficult. The decision to declare payments made or received using electronic
payment systems is up to the business. It is simple to cheat taxes because the IRS has no way
of knowing if a person is telling the truth or not.
Conflicts Over Payments
Electronic payment systems use automated electronic systems rather than people to process
the payments. When multiple recipients are involved in significant payments regularly, the
system is vulnerable to errors. After each pay period concludes, it is crucial to verify our pay
slips often to make sure everything is correct. Failure to do so could lead to payment conflicts
brought on by anomalies and technological problems.
E-cash
E-cash is a paperless cash system that makes anonymous money transfers possible. E-cash is
communication free for the consumer, but it costs the vendors money. Either on the card itself
or in an account linked to the card, the e-cash fund can be kept. Transit cards, PayPal, Google Pay, Paytm, and other e-cash systems are some of the most popular examples.
Eavesdropping
This is an illegal method of monitoring private network traffic. The targeting system is not
affected, therefore neither the sender nor the recipient of the messages is aware that there is
being tracked.
Vishing/Phishing
Phishing is an activity in which an intruder, frequently for harmful purposes, obtains sensitive
information from a user, such as a password, login, and credit card information.
Vishing is a practice when a hacker sends SMS messages to a person to get their sensitive
information. These calls and SMSs seem to be coming from a reputable source, but they are
fraudulent. Vishing and phishing's primary goals are to obtain a customer's PIN, account
information, and passwords.
Web-based transaction
Customers can conduct online transactions to accomplish their shopping and pay their
expenses. As simple as it is for the client, it is as simple for the customer to break into our
system and steal our private data.
Some significant methods for stealing our private
information during an online purchase include:
a. by installing software that records our keystrokes and takes our card information and
password.
b. by sending them to a bogus website that imitates the real thing and obtains our personal
data.
c. by utilizing free Wi-Fi.
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