E-commerce: Security and Privacy Essay

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E-commerce: Security and Privacy

As the evolution of the internet and purchasing online becomes popular, so do the security factors that contribute to the ways of eliminating fraud, theft, and acquiring personal information. E-commerce has created many new ways for customers to make payments including e-cash, e-cheques, and e-wallets. In the 21st century, many organizations worked hard at securing communications and payments made through e-commerce transactions. In doing so, customers would be able to feel a sense of trust, confidence and assurance that their information is safe. Many technological developments are being tested and today even implemented through that very system, of e-payments. Already being used today are
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Each one of these payments has their advantages and limitations.

E-cash is a more convenient and flexible way of handling payments than traditional money. It can be used by both, consumers and businesses. Banks that issue E-cash could find it much cheaper than handling checks and the paper records that accompany traditional money. Consumers who do business on the Internet will find some forms of electronic money offer much greater privacy than using ordinary credit cards.

Disadvantages associated with e-cash are that uncontrolled growth of E-cash systems could undermine bank and government-controlled money systems. E-cash may be less secure than bank money, since money stored on a PC could be lost forever if the system crashes. E-cash could foster a have and have-not society: Those with PCs would have ready access to the stuff, while those without, many of them low-income consumers, would not. The worse part of it all is that if hackers or other criminals were to break into e-cash systems, they could instantaneously extract the electronic wealth of thousands or even millions of innocent consumers.

Although online credit card payments require a high usage fee and they have a limit on how much one can spend, it is popular because of its acceptability in many foreign countries and also because it is
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