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Technical Report: Security for Credit Card Fraud in E-commerce by Using Geo-location - Essay Example

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Summary
Geo-location is one of the technologies that is adapted by many companies to provide their merchants and thus the customers a secure environment to pursue business transactions. It has some advantages and disadvantages which shall also be discussed…
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Technical Report: Security for Credit Card Fraud in E-commerce by Using Geo-location
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Technical Report: Security for Credit Card Fraud in E-commerce by Using Geo-location

Download file to see previous pages... Another dimension that has been encapsulated as a part of the internet now, is the world of e-commerce. ECD [16] states that the concept of shopping online has become a norm for humans. Muir [42] explains that e-commerce basically involves the concept of online business transactions that usually involve payment by credit cards.
Overview
This new dimension of the internet has provided many opportunities for the customers and merchants. At the same time, created problems for the merchants as not all customers are genuine and honest. Russell [17] conducted a study and concluded that Americans have their identity stolen almost every minute and spend an average of 600 hours to recover from the effects of this crime.
According to a research by US Federal Trade Commission [2] in 2001; it was concluded that around 1000 complaints were lodged for online fraudulent activities, whereas this number increased to a huge number of 25000 by the year 2000. Patton et al [3] and Connolly et al [5] state that these kinds of figures have created an environment of mistrust between the merchants and the customers. Qi et al [4] writes that the main aim of the online shopping companies is to ensure that the customer is honest about his identity and minimize the manual work in terms of the decisions for the authenticity of the identity. Olsen [18] studied that companies tend to spend a good amount to maintain a secure environment for their online business.
Altendorf [19] has analyzed that much development has been done in this field to make e-commerce transactions safe from any fraudulent activities. One of the technologies that is gaining a name in this regard is ‘Geo-location’. ...Download file to see next pagesRead More
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