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An Investigation of e-payment Security Issues

发布时间:2017-03-14
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Brief: 191213

Title: An Investigation of e-payment Security Issues

Table of Contents

1.0Project title……………………………………………………………………….2

2.0Introduction…………… …………………………………………….…………..2 3.0Literature review………………………………………………………………...3 4.0Aims of the project……………………………………………………………….5

5.0Objectives…………………………………………………………………………5

6.0Methodology………………………………...……………………………………7

7.0Ethical Considerations………………………………………………………......8

8.0Resources/constraints……………………………………………………………9

9.0Structure and contents of the project report…………………………………..9

Chapter 1: Introduction of e-payment…………………………….…………….9

Chapter 2: Introduction to Online Banking…………………………….……….9

Chapter3: Online Banking Risks………………………………………………10

Chapter 4: Research finding and data analysis………………….……………..10

Chapter 5: Conclusion…………………………………………………….…...10

10.0Schedule of activities……………………………………………………………10 11.0References……………………………………………………………………….11

12.0Bibliography………………………………………………………………..…...13

  1. Project Title

The title of the project is “An Investigation of e-payment security issues”. The purpose of this research paper is to look into current electronic payment methods, risks, and issues.

  1. Introduction

Electronic payment systems and internet banking are two growing trends in today’s knowledge based economy, and have allowed seamless wireless connectivity in various aspects of our daily activities. With this mode of convenience, several issues such as risks, security, fraud, and reliability have come into question. With the advent of the internet, electronic payment systems have become a major mode of money transfer and a worldwide trading tool for both online and offline merchants.

The number of online banking customers increased to nearly 40 million during the fourth quarter of 2005 resulting in a 277% increase over the previous year. And use of online bill payment services increased 36% during the same period, according to a survey by comScore Networks, (Anonymous, 2006). This staggering growth rate is proof that individuals and consumers are slowly utilising online and electronic payment systems currently put in place by retailers, banks, financial institutions, and online merchants.

However with this increasing usage of electronic payments worldwide, security issues are slowly becoming more and more prevalent. Users of these electronic payment systems and services are constantly susceptible to security concerns ranging from credit card theft to online identity theft. Visa's worldwide payments network will have processed more than 3,000 transactions in under a minute, and by 2010, the Visa network will be processing about 160 million payments, valued at more than $ 12 billion, on any given day, (Rodrigues, 2006). Recent research, including a global survey by Visa International, shows that people are increasingly concerned about information security and want their concerns addressed. This vulnerability that people are increasingly getting anxious about is exactly why e-payment security issues are an area that cannot be taken lightly or deemed unimportant.

E-payment security issues need more attention paid to it, and large IT companies, banks, software companies, and government institutions are taking up this challenge very seriously. The interest shown in this sector is increasing at a rapid rate, with advancements in security features growing at an unheard of speed. This rate of advancement coupled with the abundant of individuals who depend on the electronic payment infrastructure, makes this topic very interesting and important.

The key goal in the electronic payments industry is to ensure that customers are given quick access to information, are able to conduct transactions electronically no matter their geographical location, and are able to conduct these transactions safely. This overall challenge is currently putting industry experts and companies to the test. Companies and banks alike have to ensure that the security risks of e-payment systems are mitigated, in order to remain competitive. For banks today, it's not a question of whether to move toward deposit automation and virtual transactions, but how soon to do it, and how to make the transition as smooth as possible, (Cypher, 2006). Electronic capture of the information on a physical document streamlines many processes previously hampered by the cost, delay and inconvenience of handling, transporting and storing paper, (Cypher, 2006). Banks benefit significantly from this shift to a paperless environment, serving their customers faster and more economically by eliminating paper as early in the banking process as possible. This allows a huge amount of cash savings for banks and other financial institutions alike. Conducting this overall process safely and profitably remains the major challenge of electronic payment security.

  1. Literature Review

The articles and journals sought for this project has been sought mostly from online databases and websites with a myriad of information pertaining to the history and current developments of electronic payment security. Most of these texts and literature are current and up to date news and information surrounding the banking, Information Technology (IT), computers, finance, and software industry. These sources include web pages of companies, news networks, governmental policies, and dedicated experts.

Through the various sources of information, I have managed to develop a holistic overview and understanding of the electronic payment model, and the ensuing security threats and concerns. First and foremost, the advent of the internet and online business to business (B2B) transactions has been the main influence for the continued growth and proliferation of electronic payment systems.

According to Angus Hislop, global head of retail banking at Cisco IBSG, "The basic story is that the use of the web for transactions - as opposed to research and information - has accelerated quite substantially over the past couple of years." How people use the web is changing, he adds, and the range of users is broadening, especially to older people, who are becoming more familiar with it, and younger people "who are using it in completely different ways", (Timewell, 2006). This acceleration in internet and web usage has consequently accelerated the usage of electronic payments systems by banks and financial institutions. The internet has enabled banks like Bank of America to increase revenue through internet sales. Recent Bernstein Research reveals that the bank expects to sell 15% of total anticipated product sales of 38 million in 2006 through the online channel, up sharply from 8% in 2004 and 10% in 2005, (Timewell, 2006).

Subsequently, electronic gateways and internet banking allows customers to make payment and purchases online anytime and anywhere. One such service: Bank bill payment, which consists of a payment through a retail bank at which an account is held, continues to grow at a rapid pace, and currently accounts for nearly one-quarter of all online bill payments, (Anonymous, 2006). Bank of America led the industry in bill payment with 5.1 million active bill pay customers, attracting more than half of all pay customers in the fourth quarter of 2005, (Anonymous, 2006).

This heightened utilisation of online banking and payment services have also paved way for increasing internet fraud and electronic payment security threats. The fastest-growing scam, experts say, is phishing, in which an e-mail purporting to be from a well-known company asks the recipient to submit confidential financial info such as a credit card number, (Lazarus, 2005).

A recent study by the Gartner Group found that 57 million Americans have received phishing e-mails and, of that number, nearly 2 million have complied with the bogus request for personal data, (Lazarus, 2005). This entire process beginning with the widespread adoption of the internet as a main source of trade and commerce, to the security aspects of e-payment systems, has to be clearly understood and analysed.

4.0 Aims of the Project

The overall purpose of this project is to understand the nature and architecture of electronic payment systems, the individuals and institutions involved in the whole process, and the susceptibilities faced by parties utilising the e-payment system. The project also aims at looking into new companies with fresh ideas and technologies that may palliate the threat posed by current e-payment practices. These included new products and services targeted at ensuring safer e-payment transactions. This includes analysing better ways of purchasing online instead of the current practice of swiping credit cards at retail outlets and submitting your credit card details online. Electronic payment pioneers like CheckFree are a new breed of companies offering new solutions to credit card fraud. CheckFree will be rolling out an e-payment system called WebPay which gives bank customers the ability to take money out of their accounts and place it in the bank account of anyone who has e-mail, (Nocera et al, 2001). Another telecommunications entrepreneur hopes to offer consumers the ability to make small purchases directly from a checking account using a wand on a keychain and cutting credit card interchange fees out of the picture altogether, (Kuykendall & Lavonne, 2002).

5.0Objectives

In order to fully understand the e-payment process and the subsequent security issues, attention must be paid to the latest literature and technological references. These include online databases, journals, books, and magazines. A series of primary or first hand sources need to be consulted in order to verify data and information gathered from secondary sources such as articles and online journals. It is also integral that areas such as new technological advancements, and latest statistics and demographics are included.

Enhancing knowledge in various aspects and trends within e-payment systems is also an important objective when undertaking this project. Building domain knowledge about the latest issues and trends will allow a better analysis of the present system and allow for prognostications of future advancements. Areas that need a considerable amount of focus when balancing traditional payment systems and e-payment systems are, (Roche & Williams, 2006):

Channel knowledge. Many banks lament the fact that branch staff cannot answer questions about Internet banking or bill pay because they don't use the services themselves. Leading banks are beginning to train their front-line staff on Internet, bill pay, card products, and voice-response channels. These banks are also doing updates to ensure that branch employees understand channel enhancements and new releases to online and bill-pay products.

Channel migration and enrollment. Branch employees play a critical role in informing customers about channel options and leading them to lower-cost delivery options. For instance, tellers and platform staff can suggest that account transfers could be done more easily online or that deposits could be set up as recurring automated clearing house transactions. Banks struggle with channel migration because of the traditional metrics used to measure a branch's success.

Issue resolution. One of the most embarrassing moments for branch staff is when customers come in with complaints about self-service transactions and the branch has no way of helping them. This problem is primarily a result of e-payment system weaknesses.

Cross-sell and campaign management. With consumers spending less time in branches, banks have moved many of their cross-sell efforts to direct mail, the Internet, e-mail, and the telephone. Banks are beginning to deploy more effective campaign management and cross-sell systems to ensure that branch employees are know what pitches have been made to customers and what actions they should take to help close the deal.

Customer fulfillment. Finally, branches will need to play a more active fulfillment role in phone and Internet sales. A classic example is the origination of a consumer loan that crosses multiple channels. Innovative banks are allowing customers to apply for loans online, receive ongoing support for loan approval by phone, and then close the loan in the branch.

  1. Methodology

Researching this project will include extensive research methods and techniques ranging from interviews, readings, surveys, and extraction from secondary sources. First and foremost it is paramount to ascertain the source of research material. E-payment security issues influences several different industries and economic sectors ranging from the banking and finance industry to the retailing industry. Hence, it is necessary for focus to be placed on areas of utmost importance first before covering the other sectors. In the area of e-payment security issues, the main areas of discussion are the triggers, loop holes, and sources of security vulnerability. The next issue of importance is the current efforts in place to curb mal-practices in the e-payment system, and solutions that are currently available.

Another area that needs to be researched in depth, are the regulations, policies, best practices, and laws available to the issue of e-payment security. This would require thorough readings on current laws and regulations, and even consultation with various government officers, and law practitioners. Papers put forward by high level committees and special government think thanks are the main source of these secondary research materials on this issue of e-payment security. These include the Electronic Payments Association (NACHA) which formulated a four year strategic plan to facilitate: 1. Network security, reliability, and efficiency, 2. Development of ACH Applications, 3. Promotions, 4. ACH Network Characteristics and Value, 5. Member Services, and 6. NACHA Organisation and Governance, (NACHA, 2006). Getting first hand interviews with members of NACHA for example would help in getting more detailed information. Interviewing members from other bodies like the Basel Committee on Banking Supervision will allow a greater understanding on areas such as risks to be recognised, addressed and managed by banking institutions in a prudent manner according to the fundamental characteristics and challenges of e-banking services, (BIS, 2001).

Online research methods are also the main source of information, and a paramount research technique. Face to face surveys as a method of data collection, is slowly being superseded by the internet, (Douglas, 2006). With newspaper readership in steady decline, budgets under pressure, the future of print and face to face surveys and data collection methods are unclear in the internet age. Consequently more media agencies are doing their own bespoke research or, conversely, buying press advertising as a commodity, (Douglas, 2006). Therefore it is sufficient to say that data gathering through the internet could possibly be the most reliable and efficient way of conducting research.

Both business professionals and academics are recognizing the potential for using the web to conduct research, partially because of the sheer number of potential respondents online today. While marketing research spending remained relatively flat during the last few years, online research is forecasted to grow an average of 30% annually over the next two years, and is expected to account for 29% of about $3 billion to be spent on survey research in 2005, according to Inside Research January 20th, (Marchand, 2005). This is further proof that conducting online research could be a potentially important source of data for this project.

Since most of the sources involved in this project are based on secondary sources, it is important to analyse the gathered information, and ensure the reliability of the source. A good method to ensure the reliability of the facts gathered is by cross checking these sources with hard copy versions. Verifying the source of these facts and information will lead to a more accurate piece of work.

  1. Ethical Considerations

The issue of ethics is dominated mostly by issues of data protection, personal information, and intellectual property infringement. In undergoing this project, it is important to firstly acknowledge all collaborators and other participants. In all aspects of research, the contributions of formal collaborators and all others who directly assist or indirectly support the research must be properly acknowledged. This applies to any circumstances in which statements about the research are made, including provision of information about the nature and process of the research, and in publishing the outcome. Where appropriate, the sponsors of the research should also be acknowledged, (ERI, 2006). Throughout the duration of the project, the information recorded comprehensively and will be stored safely by both electronic and hard copy means. This is necessary not only as a means of demonstrating proper research practice, but also in case questions are subsequently asked about either the conduct of the research or the results obtained. Therefore, primary data as the basis for publications should be securely stored for an appropriate time in a durable form. In cases where transcripts of interviews for the project are the basis for research, these should be kept as confidential according to the procedures in place when the data was collected in accordance with the Data Protection Act 1998, (MRS, 2006). These steps will ensure that all research outcomes will be of worthy sources, and that all aspects of the e-payment security process will be accurately recorded.

  1. Resources/Constraints

The main resources that will be used for this project will be intellectual based resources such as access to online journals, databases, and academic studies. The potential constraints include: inaccuracy of certain sources, the inability to approach individuals and corporations first hand, and a lack of potential respondents for survey and questionnaires.

  1. Structure & Contents of the Project Report

Chapter 1: This chapter will introduce the definition and concepts of e-payment before delving into the security aspects of electronic payments. It will also introduce a brief history of electronic payment systems ranging from Auto Teller Machines (ATM), ESCROW services, Electronic Telegraphic Transfer (TT), and credit card transactions. The chapter will also explain the different kinds of security threats and possible weaknesses of the e-payment system.

Chapter 2: This chapter will deal with aspects of online banking. The chapter will provide a clear understanding of what is online banking, the process of electronic payment, advantages and disadvantages of electronic payments, and potential improvements to the current electronic banking sector.

Chapter3: This chapter will provide the reason why online banking is on the rise even though the risks of implementing it are abundant. The chapter also observes the continuing rise of revenues from online banking in terms of double digits, the less optimistic profits, and rising cost of securing transactions due to the increasing sophistication of cyber crooks and the ease of committing fraud, (Anonymous, 2005).

Chapter 4: Research finding and data analysis. This chapter will involve comparing the data from both primary and secondary sources.

Chapter 5: The conclusion will explain the future trends and technologies to secure e-payment transactions, and the need for better security in order to reduce the 2.5% or so e-banking users in England who have quit e-banking and 6 million internet users decided not to use e-banking as a direct result of security fears and privacy with online payments and banking, (Anonymous, 2006). The analysis of this situation will also be included.

  1. Schedule of Activities

No.

Task

Duration

1

Gathering of Preliminary data

1 Week

2

Conduct surveys & interviews

2 Weeks

3

Verify information gathered

2-3 Days

4

Analyse gathered information

1 Week

5

Project draft

1 Week

6

Final copy of project

2 Weeks

7

Submission

-

  1. Reference List

Anonymous, ‘ID Control: Bringing Back the Trust to Online Payments and Banking’, PR Newswire Europe, New York: Feb 16, 2006

Anonymous, ‘Online Banking & Bill Payment keep growing’ Credit Union Executive Newsletter, Vol. 32 Issue 16 2006, p5

Anonymous, ‘Risk Management Principles for E-Banking’ http://www.bis.org/publ/bcbs82.htm, accessed 2nd December 2006

Anonymous, http://www.nacha.org/docs/Facilitating%20Commerce,%20Electronically%20-%20A%20Strategic%20Plan%20for%20the%20ACH%20Network%20and%20NACHA%20-%202006-2010.pdf (Strategic Plan 2006-2010), accessed 3rd December 2006

Anonymous, http://www.research-innovation.ed.ac.uk/information/goodresearchpractice.pdf, Code of Good practice in Research, accessed 3rd December 2006

Anonymous, ‘Net Profit’, Country Monitor, New York: Dec 5, 2005. Vol. 13, Issue 45; p1

Cypher, T., M., ‘The Paperless Present’, U.S. Banker, Oct2006 Supplement, Vol. 116, p20

Douglas, T., ‘Face-to-face surveys are challenged by the internet’ Marketing Week, 7/27/2006, Vol. 29 Issue 30, p17

Hajim, C., ‘Cash In On Electronic Payments’, FORTUNE, October 9 2006, http://money.cnn.com/2006/06/30/smbusiness/efunds_smfocus_fortune.fortune/, accessed 2nd December 2006

Kuykendall, Lavonne, ‘Start-Up's E-Payment System to Bypass Card Nets’ American Banker, 1/31/2002, Vol. 167 Issue 21, p8

Lazarus, D., ‘Bill paying is easier; so is fraud’, San Francisco Chronicle, Wednesday, January 12, 2005, http://www.sfgate.com/cgi bin/article.cgi?f=/c/a/2005/01/12/BUGKJAOOHH1.DTL, accessed 2nd December 2006

Marchand, H., ‘Online research captures audience insight, competitive data’, Managed Healthcare Executive, Jul2005, Vol. 15 Issue 7, p30-32

Nocera, Joseph, Garcia, Feliciano, ‘The E-Cash Society’,Fortune, 05/14/2001, Vol. 143, Issue 10

Robert J., T., Cheese, P., ‘Leadership: experience is the best teacher’, Strategy & Leadership, Volume:33, Issue:3 2005

Roche, Terence; Williams, Steve, ‘Branches' Evolving Role in a Self-Service World’ American Banker, 11/14/2006, Vol. 171 Issue 219, special section p2

Rodrigues, C., ‘Secure Payments’, Global Agenda, London Jan 2006. Vol. 4, Issue 1; p166

Timewell, S., ‘Retail Banking’ The Banker, London: Oct 1, 2006. p. 1

12.0Bibliography

Anonymous, ‘A&L strengthens web service with £10m investment’ Marketing, London: Apr 8, 2004. p3

Anonymous, ‘Fraud Alert’, Teller Vision, Dec2006 Issue 1352, p7

Anonymous, ‘ID Control: Bringing Back the Trust to Online Payments and Banking’, PR Newswire Europe, New York: Feb 16, 2006

Anonymous, ‘Internet banking: Egg beaten at its own game’ Marketing Week, London: Jul 7, 2005. p26

Anonymous, ‘INTERNET BANKING: Making a net gain’, European Banker, Dublin: Nov 2005. p11

Anonymous, ‘More CUs Offer Online Banking & Bill Pay’, Credit Union Executive Newsletter, 11/13/2006, Vol. 32 Issue 19, p1-2

Anonymous, ‘Net Profit’, Country Monitor, New York: Dec 5, 2005. Vol. 13, Issue 45; p1

Anonymous, ‘Online Banking & Bill Payment keep growing’ Credit Union Executive Newsletter, Vol. 32 Issue 16 2006, p5

Anonymous, ‘Online Banking and Bill Pay Up at Credit Unions’, Teller Vision, Dec2006 Issue 1352, p4

Anonymous, ‘ONLINE SERVICES: Nordea banks on the net’ European Banker’, Dublin: Nov 2005. p12

Anonymous, ‘Risk Management Principles for E-Banking’ http://www.bis.org/publ/bcbs82.htm, accessed 2nd December 2006

Anonymous, ‘Stop Pondering’ American Banker, 11/1/2002, Vol. 167 Issue 210, p6,

Anonymous, http://www.mrs.org.uk/standards/downloads/revised/legal/data_protection_social.pdf,

Data Protection Act 1998, accessed 2nd December 2006

Anonymous, http://www.nacha.org/docs/Facilitating%20Commerce,%20Electronically%20-%20A%20Strategic%20Plan%20for%20the%20ACH%20Network%20and%20NACHA%20-%202006-2010.pdf (Strategic Plan 2006-2010), accessed 3rd December 2006

Anonymous, http://www.research-innovation.ed.ac.uk/information/goodresearchpractice.pdf, Code of Good practice in Research, accessed 3rd December 2006

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Nocera, Joseph, Garcia, Feliciano, ‘The E-Cash Society’,Fortune, 05/14/2001, Vol. 143, Issue 10

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p166

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