Secure Electronic Transactions Essay, Research Paper

The Internet is a revolutionary new exciting tool that puts large amounts of information at the click of a mouse. Logging on the Internet is like walking through the biggest shopping mall. It allows you to buy tickets for concerts, reserve a hotel, and even purchase stocks. The Internet allows the consumer to have freedom of choice and convenience. Shopping online offers many benefits that stores cannot offer. For example, the Internet is always open [seven days a week, 24 hours a day]. The Internet offers a variety of bargains.

The Internet is a great place to do some comparison-shopping. Instead of going from store to store, you can navigate through the World Wide Web with the comfort of being at your own home. Before you buy a certain item, you can receive product information and give yourself a price comparison from many different resellers. Another feature of shopping online is transactions with other country s. Those countries can provide you with the best exchange rate of your currency into the exchange of your merchants currency.

Shopping online can be very private as long as you use a secure browser. This software allows you to navigate through the web. Your browser should have industry security standards, such as Secure Sockets Layer (SSL) or (SET) Secure Electronic Transaction. By having these security standards on your browser, it allows the transaction information being sent back and forth from the reseller to be encrypted. Most computers already come with this browser pre-installed. If this is not the case, to obtain one of the most popular brands of browsers, you can download them from the Internet at no cost.

The creation of Secure Electronic Transaction (SET) standard has involved the efforts of many people. All of the work done for SET has been done in an open sourced process. The work included many financial institutions and technology makers. The total standard and testing has gone through extensive tests, reviews and comments.

When you shop online, you should always use a secure browser. Using Netscape Navigator version 4.0 (or later) or any of Microsoft Internet Explorers will contain different security protocols. These browsers use Secure Sockets Layer (SSL) technology. This technology will automatically scramble or encrypt your personal data before you send it to your merchant. SSL technology shows you that your Web site is secure when an unbroken key or a lock appears in your browser window.

For new technology online security, Visa has partnered with other technology industries to develop. A new form of transactions called, SET. This emerging industry standard will make online transactions safer than ever. New online merchants are participating in making SET the new standard.

When shopping online you should make purchases from merchants you know. Alternatively, research their companies before you purchase their product. You should also keep a record of your purchases and transactions. Save your receipt before you are done completing an online transaction, read the delivery and return policies on the merchant’s home page. Make sure you are able return any unsatisfactory products. You as the consumer should check to see if you can get your money refunded or if you can receive merchandise credit. Be sure to print a copy of your purchase order and confirmation number for your records.

The federal Mail or Telephone Order Merchandise Rule covers orders made on the Internet. This means unless stated otherwise, merchandise must be delivered within thirty days, if there are any delays, the company must notify you. Some companies let you pay bills and let you check your account online. Before you sign up for any kind of service, evaluate how secure the company s web site is.

Try to keep a record of all online transactions, including the merchant’s Internet address. That way, you’ll have all the information you need in case a question about a purchase order arises. Several new computer software and browser provide an electronic wallet that automatically logs in your Internet purchases. Many online merchants will email you an order confirmation that summarizes the price and quantity of your purchase.

Keep your password secret some online merchants require you to register a user name and a password before purchasing a product. This method is the same as your Automated Teller Machine (ATM) code. Try to keep your Internet purchasing password a secret from anybody who may tamper with your credit. Be creative when you make your password, and never give it to anyone. Avoid using a telephone number, birth date or any number relating to you.

When you pay by credit card or charge on line, your transaction will be protected by the Fair Credit Card Billing Act. This law allows consumers to have the right to challenge or dispute charges under certain circumstances and temporarily with hold payment while a creditor is investigating them. In the case of unauthorized use of a consumer s credit card or charge card, consumers are generally held liable only for the first $50 in charges. Some credit cards also provide another type of warranty for purchase protection benefits.

A survey dealing with online shoppers concerns showed that. Online shoppers are concerned with issues dealing with privacy and security on the net.

According to a recent poll of 1,000 U.S. Internet users.

U.S. Internet users:

Privacy and security 53%

Can t inspect product 20%

Unfamiliar with the process 6%

Don t want to wait for delivery 3%

No concerns 13%

A survey dealing with a percentage of commercial sites that collects personal information about consumers. Based on a sample of 361 commercial sites from the Media Matrix s top 7,500 URL s in January 1999 Internet commercial sites that collect information.

Internet Commercial Sites:

Personal Information 93%

Demographic Information 57%

Both (Personal and Demographic) 56%

They found that these commercial sites collect information about the consumer including their name; telephone number; E-mail and postal address. These sites were also able to attain other information such as consumer age, gender, and income level.

Electronic commerce offers tremendous opportunities to us but technology must harness these opportunities. Without making E-commerce safe, customers and business will not make online purchases. This will eventually bring the downfall of the E-Commerce industry.