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Challenges of e-Commerce: Scams and Safety of Account Information Print E-mail
Pinoy Entpreneurs have been told that the internet, through e-commerce, effectively evens out the field for all business players, big and small. There are, however, various issues hounding e-commerce, including the justified apprehension against internet scams and the security of personal financial information transmitted electronically. Scams such as Francswiss (pyramiding scam) and, recently, the Beijing Olympics ticket scam, make it doubly hard to convince potential customers that your site, and your business, is legitimate. Then there's the issue of information security over the internet.

Personal Identification Numbers (PIN) information of Automated Teller Machines (ATMs) were removely accessed by hackers, a news reported. According to the news article:

"Hackers broke into Citibank's network of ATMs inside 7-Eleven stores and stole customers' PIN codes, according to recent court filings that revealed a disturbing security hole in the most sensitive part of a banking record.

The scam netted the alleged identity thieves millions of dollars. But more importantly for consumers, it indicates criminals were able to access PINs — the numeric passwords that theoretically are among the most closely guarded elements of banking transactions — by attacking the back-end computers responsible for approving the cash withdrawals."

Warnings on ATM Fraud have been around for years. There's a story on how ATM fraud almost brought down the British banking system. What's scary about this security breach is the fact that the "PINs seem to be leaking while in transit between the automated teller machines and the computers that process the transactions." There were no physical capturing devices, like false-front keypads or tiny cameras on ATMs, such as this one: 

PIN-reading camera at the external portion of ATM

The question remains, how safe is financial information in the internet age? How do you assure your buyers that the financial data revealed when making a purchase or placing an order through your website are protected? This, of course, is on top of this question: Are the products or services offered through the website are legitimate or bogus? These are challenges to Pinoy Entrepreneurs who want to tap the power of the internet to grow their businesses.

 

Published in : Topics, Internet and Tech

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