Internet Fraud, Credit Card Fraud and Fraud Detection - Essay Example

7th March Ecommerce Portfolio Assessment Fraud Protection  Fraud Protection is also known as Internet Fraud, Credit Card Fraud and Fraud Detection etc. Internet Fraud is referred to as performing fraudulent activities through internet for instance stealing someone’s personal information, stealing details of credit cards etc. The most common internet fraud is the circulation of Rogue Security Software. Apart from this, there are several other common types of frauds which are prevailing through internet related to ecommerce. They include online advertising fraud, financial fraud, identity fraud, fraud of counterfeit payment, auction fraud, pharmacy fraud, software piracy, fraud of not delivering the goods and lottery fraud. In order to protect people from such acts, Fraud Protection is used. Fraud Protections provides people with tips in how to deal with online transactions. Such fraud protection tips include: Confirming the track record of auction sellers and other detail before placing the bid. Not doing transactions with companies having ruptured public image. Not making payments through wire transfer or sending cash Checking the agency of consumer protection for claims and complaints. Making calls to organizations before making any transactions. The internet is full of online frauds but with common sense, caution and awareness one can keep themselves away from these fraudulent activities. (Internet Fraud Prevention, 2006) Assessment 2 E-Procurement  e-Procurement has become a system of more than just making online purchases. These systems are designed for Business to Consumer, Business to Business, Peer to Peer and Business to Government transactions. E-procurement is also called as supplier exchange. If it is developed in a good manner, then it can connect companies and their respective business operations with their customers and suppliers. A well managed online procurement system assists a firm in managing and organizing its transactions and interactions with most valuable suppliers. E-Procurement assists business in the processes of decision making by keeping all the required information in a time stamped and organized way for instance keeping records of all the bids means that one has better knowledge of obtaining the most affordable and better pricing. If the e-procurement system is well managed then it helps the organization in maintaining the reduced level of inventories. Knowing timely data about contact points, product numbers and bid prices helps the companies to close the deal while other competitors are striving for obtaining the required data. E-Procurement has another advantage that the managers do not need to be highly trained and skilful because the standardized system is easy to learn. Despite of all these advantages, e-procurement system must be used only when there are enough resources and time to do so. If it is not possible, then the company must stick to the traditional approach. (Advanced Supply Chain Management, n.d.) Assessment 3 Online Advertising  Online Advertising, also known as Internet Advertising is another form of promoting businesses through internet sources. The core purpose of online advertising is to drive customers to the products and services of the company or to make a phone call about the enquiry of the product. There are 8 common types of online marketing/ advertising. They include: i. Text Link Advertising ii. Sponsorships iii. Banner Marketing iv. E-mail marketing v. Video advertising vi. Online classifieds vii. Search engine marketing or Pay per click marketing viii. Pop-up or pop-down advertising (8 Types of Internet Marketing for Your Website, n.d.) According to George, (2010), despite of being the most cost effective way of doing advertising, there are number of advantages of online advertising. In order to match the preferences of user, online advertising is customer tailored. Online advertising provides wide range of coverage irrespective of the geographical locations. It is the most affordable way of advertising when compared to the traditional ways of advertising. Online advertising helps in focusing the targeted audiences which helps the businesses to get the most relevant leads. It also helps in branding the product in a better way. Interactivity between buyer and supplier on the spot is another advantage of online advertising. The most prominent benefit is the flexibility of payment. Unlike other traditional ways of advertising, payment for online advertising is made only about certain clicks, leads and impressions. Assessment 4 e-Business Infrastructure  Few people in today’s workforce are aware of the immense power of e-business to transform the entire structure of the organization. Yet, there has been seen failures in the adoption strategies of e-business due to lack of proper infrastructure. Infrastructure determines the level of easiness by which companies can meet the increasingly imperative and urgent demands of their customers and executives. The technical element of internet infrastructure is the availability of server technologies and internet along with the software and hardware devices. In ecommerce, Infrastructure has now become something more than just technology. It determines the interaction and strategies of management. Putting simply, e-business infrastructure is defined as the application of competent business through the utilization of global, modern and technology based media. In spite of the numerous benefits, typical problems that occur in e-business infrastructure include non availability of websites, slow communication, unanswered e-mails, untimely delivery of ordered products, bugs available on sites, lack of customer privacy through stealing of credit cards and selling addresses to other companies etc. (eBusiness Infrastructure, n.d.) Assessment 5 e-Tailing  e Tailing is referred to as electronic retailing. According to Schappell (2000), E tailing is process which is conducted to sell the retail goods to consumers through internet. Started in 1995, etailing has become an integral part of today’s e-business and e-commerce. It can also be called as a synonym to business to consumer or B2C transaction. E tailing has certain advantages which include the variety of available products for customer at their fingertips (which means through numerous e tail websites). Thus the websites present a look of global bazaar which brings the retailers and customers together at the same platform. Through the availability of search engines, customers can easily navigate to the web pages of products and services of their own interest. Placement of product can be changed by e-tailers as per their convenience. Despite of numerous disadvantages, e tailing has few disadvantages as well. This means that not every customer has access to internet but this issues is the temporary one as the evolution of internet continues. Issues related to trust, privacy and security prevail as consumers are always concerned about their personal details and information. Assessment 6 B2B  In ecommerce, the most common type of transaction is Business to Business (B2B) also known as e-biz. According to Chau and Lee (2006), in B2B, buyers and sellers exchanges services, products and information through the platform of internet. In B2B, buyers and sellers both are businesses or corporations rather than individual consumers. In other words, it is that transaction which occurs between companies as opposed to the transaction which involves a customer. Activities which are business to business transactions include procuring goods from other company through internet, placing bids for tenders, online meetings and selecting vendors etc. B2B has become the widely spread phenomenon in today’s vast changing business environment where everything is going global. Businesses have also taken advantage of this resource and for this purpose software providers and IPS have designed numerous applications to facilitate entrepreneurs. Assessment 7 Mobile ecommerce  In today’s fast changing world, where everything is going mobile, the business transactions are also taking a new venture. According to experts, the next frontier in e-commerce is considered as mobile e-commerce. The increased level of usage of internet means that internet will be no longer restricted to landline and desktop. Internet is now easily available through latest gadgets like PDAs, Blackberry and Smartphone etc. Savvy retailers who are trading through e-commerce seem to be very quick in adopting these applications for delivery mechanism and providing content. Mobile ecommerce has various opportunities available to it. This includes profit seeking through the calls of customers and applications which are custom designed for mobile platforms. Entrepreneurs and businessmen are also availing this opportunity by making their business deals and contracts through mobile services. Every other day, ISP and software providers companies are also launching new applications to facilitate these transactions. Despite of all the technological advancements and innovations, the only disadvantage of prevailing ecommerce through mobile services is level of trust. There are many people who are running their online business successfully through mobile services, but in essence the risk of mistrust always persists. (E-Commerce Dissertation Topics, n.d.) Works Cited Chau, Patrick Y. K., and Lee, Jae Kyu. Business-to-Business E-Commerce. The Eighth International Conference on Electronic Commerce. 14 August 2006. Web. 8th March 2012. Schappell, David. e-tailing (electronic retailing). October 2000. Web. 8th March 2012. George. 10 Advantages of Online Advertising. 13th May 2010. Web. 8th March 2012. < http://www.georgescifo.com/2010/05/10-advantages-of-online-advertising/> E-Commerce Examples. N.d. Web. 8th March 2012. Definition. Web. 8th March 2012. eBusiness Infrastructure. Web. 8th March 2012. Internet Fraud Prevention. 14th August 2006. Web. 8th March 2012. Online Advertising. Web. 8th March 2012. eProcurement. Web. 8th March 2012. eTailing. Web. 8th March 2012. E-Commerce Dissertation Topics. Web. 8th March 2012. The Five Different Types of E-Commerce. Web. 8th March 2012. E-Procurement. Advanced Supply Chain Management. Web. 8th March 2012. < http://www.epiqtech.com/e-procurement.htm> 8 Types of Internet Marketing for Your Website. Web. 8th March 2012. Read More