How Business Can Protect Themselves From Fraud in an Ecommerce Essay

How Business Can Protect Themselves From Fraud in an Ecommerce Environment - Essay ExampleFraud consummation is an issue of concern among clients and merchants. In the situation of travesty transactions, customers invite several assurances from their card issuing banks through companies like master cards, visa, American express, and discover. Nevertheless, merchant have limited resources to counter fraud occurrences. Merchants can as well follow the stipulated legal transaction process but end up losing payment without making both mistake. In boldness of a fraud transaction, banks are always not willing to refund the merchant resources. It is also likely that banks do not hitherto bother to do an investigation on merchants claims. On the other hand, it is extremely easy for customers to make fraud claim to the bank as compared to merchant. Most customer claim refund of their transaction verbally. In most cases, detecting fraud cases is very expensive and labor extensive to mer chant companies. In the scenario of fraud transaction, merchant are the one who suffer immensely since customers can be compensated the loss. It is therefore imperative for online merchants to take action and come up with ways of minimizing fraud risks and protect their business from any financial loss through fraudulent transactions. Proper measures can increases confident among merchant in transacting business online. To develop cartel in their transaction, merchant should adopt the following measures... One secernate is for decryption which is also known as clandestine key while the other key is for encryption commonly known as public key. The public key is used by transaction administrators to assess the transaction process while the private key is used by customer and merchant to protect their personal information. The key helps in denies access of transaction information to intruders and hackers. The technology is also characterized by theoretical based security guarantees, effective weighing features and arithmetical elegance which identify the area transaction fraudulent. The technology does not require centralized mediator for safe transaction thus it is cheap for the business (Anderson, 2001). The other most effective technology for protecting data and preventing fraud transaction is the use of quick-witted cards. Smart card is effective in storing data such as identification credentials, medical information, and financial records. Due to the sensitivity of the information contained in modishness card, encryption keys are exceptionally relevant. The information in smart can be very helpful in retracing the transaction process in case the transaction is fraud. The merchant can use the contents in smart card to trace the customer in the situation of any transaction problem. It also reduces trust between the merchant and the customer thus forcing the merchant to be more cautious in the transaction process (Bishop, 2003). To protect their businesse s from fraud transactions, merchants should beat to the laid down guidelines and security policies. Most fraud cases are brought about by failure of merchant to adhere to the laid down security policies and regulations. much than 60 percent of the fraud cases emerge as a result of exposing transaction