COMP5000_FinalPaper_Security

COMP5000_FinalPaper_Security - How Safe is Security...

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How Safe is Security Transaction Online COMP 5000
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Abstract Doing business over the Internet is like sitting in the passenger seat. You are not driving but you need to open your eyes to make sure you are safe. Same thing applies with the Internet. You are on the road of buying, selling and exploring, but you need to be cautious and need to have safety features. There is no doubt that e-commerce is changing and will change the way businesses do business. For example, you buy clothes, games, computers, books, and etc. What more do we want? You can have access to almost everything right in your own home with a click of buttons. E-commerce is hot. It is easy, fast and reliable. Some might go to the extreme of saying that it is safe without a blink of an eye. But the question here lies, how safe is safe? Many consumers are not happy nor are they conducting online transactions because of the perceived risks involved in divulging their income or credit card numbers. Consumers are concerned with the security and privacy of credit card numbers and other confidential information transmitted when purchasing goods, services and information electronically. But as the use of the Internet and the World Wide Web sites grows, consumers are going to be increasingly interested in e-commerce. All Web sites will have to ensure potential customers that their site is trustworthy, secure and legitimate. So far security in general draws a gap to online shopping. This is even worst when we consider it from the consumers’ point of view.
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Thesis There is no single definitive answer to that question, because as increasing safeguards are added, the defrauders and hackers on the Internet always seem to catch up and move ahead. To give a positive answer to this question would be misleading. Yet, the percentages favor the online investor. Nevertheless, it is still a case of caveat emptor , “buyer beware”. Why does the stock market and investing have such a mystique in the United States? “The mythology that surrounds the stock market makes it difficult for the public, the government, and even the academic community to deal intelligently with what is indeed one of the important but not central institutions of a capitalist economy”. Martin Mayer (1992) reported that there is something so magnetic about “investing” that everyone hopes to do it someday. And now, that barrier is gone of having to walk into a brokerage office and deal with the haughty types to whom your few hundreds of few thousands of dollars to invest are hardly worth their time and trouble. The Internet provides anonymity and so sends of shame about the dollars one want to invest. But, while the one-on-one barrier is broken, the safety concern of someone stealing your name, your password, even
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your investment, is still very much a concern even to the sophisticated trader for whom the Internet is a time-saver, and not much else. Actually, the reason for the growth of investors using the Internet really has
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This note was uploaded on 06/09/2011 for the course BUSINESS 5970 taught by Professor Jhon during the Spring '09 term at Webster.

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COMP5000_FinalPaper_Security - How Safe is Security...

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