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MANAGERIAL ISSUES IN ELECTRONIC PAYMENT SYSTEMS
Managerial issues for electronic payment systems vary depending upon the business position.
- Security solution providers can cultivate the opportunity of providing solutions for secure electronic payment systems. Typical ones include authentication, encryption, integrity, and nonrepudiation.
- Electronic payment systems solution providers can offer various types of electronic payment systems to e-stores and banks. The SET solution of having the certificate on the smart card is an emerging issue to be resolved.
- Electronic stores should select an appropriate set of electronic payment systems. Until electronic payment methods become popular among customers, it is necessary to offer traditional payment methods as well.
- Banks need to develop cyber-banks compatible with the various electronic payment systems (credit card, debit card, stored-value card, and e-check) that will be used by customers at e-stores. Watch for the development of consistent standards in certificates and stored-value-card protocols.
- Credit card brand companies need to develop standards like SET and watch 'the acceptance by customers. It is necessary to balance security with efficiency. Careful attention is needed to determine when the SSL-based solution will be replaced by the SET -based solution and whether to combine the credit card with the open or closed stored-value card.
- Smart card brands should develop a business model in cooperation with application sectors (like transportation and pay phones) and banks. Having standards is the key to expand interoperable applications. In designing business models, it is important to consider the adequate number of smart cards from the customer’s point of view.
- Certificate authorities need to identify all types of certificates to be provided. Banks and credit card companies need to consider whether they should become a clearing agent.
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FAQs on Managerial Issues in Electronic Payment Systems - Security and Payment, E-Commerce - E-Commerce - B Com
| 1. What are some of the security risks associated with electronic payment systems? |  |
Ans. Some of the security risks associated with electronic payment systems include data breaches, hacking, identity theft, malware attacks, and phishing scams. These risks can result in financial loss, unauthorized access to sensitive information, and compromised personal or financial data.
| 2. How do electronic payment systems ensure the security of transactions? | |
Ans. Electronic payment systems employ various security measures to ensure the safety of transactions. These may include encryption techniques to protect data during transmission, secure socket layer (SSL) certificates to establish a secure connection between the user and the payment system, multi-factor authentication to verify the user's identity, and tokenization to replace sensitive payment information with unique tokens.
| 3. What is the impact of security breaches in electronic payment systems? | |
Ans. Security breaches in electronic payment systems can have severe consequences. They can lead to financial losses for both individuals and businesses, damage the reputation of the payment system provider, result in legal liabilities and regulatory fines, and erode customer trust. Additionally, security breaches can disrupt the normal functioning of the payment system, causing inconvenience to users.
| 4. How can users protect themselves while using electronic payment systems? | |
Ans. Users can take several measures to protect themselves while using electronic payment systems. These include keeping their devices and software up to date with the latest security patches, using strong and unique passwords, avoiding public Wi-Fi networks for sensitive transactions, regularly monitoring their transaction history, and being cautious of phishing emails or suspicious websites asking for personal or financial information.
| 5. What are some emerging technologies being used to enhance the security of electronic payment systems? | |
Ans. Some emerging technologies being used to enhance the security of electronic payment systems include biometric authentication, such as fingerprint or facial recognition, tokenization, which replaces sensitive data with unique tokens, artificial intelligence and machine learning algorithms to detect and prevent fraudulent activities, and blockchain technology for secure and transparent transactions. These technologies aim to provide additional layers of security and improve the overall trustworthiness of electronic payment systems.
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