Final eb ch 09 encryption and e payments modes (2)
- 2. What is encryption? A process that converts original information, also called plain text into a difficult-to-interpret form called ciphertext. Done by using an encryption algorithm, a formula used to turn plain text into ciphertext. Two types: Asymmetric and Symmetric
- 5. Which one is better? Although, symmetric encryption is fast, it is not as safe as asymmetric encryption because someone could “steal” the key and decode the messages. But because of its speed, it's commonly used for ecommerce transactions. Asymmetric encryption is more complex--and more secure. Asymmetric encryption's added safety comes at a price: More computation is required, so the process takes longer.
- 6. Who’s using encryption? If you use a computer and the internet, you’re using encryption! Enables all organizations regardless of their size, to be both user-and-IT friendly.
- 7. Why use encryption? Authentication Protects personal data such as passwords. Privacy Provides for confidentiality of private information. Integrity Ensures that a document or file has not been altered. Accountability Prevents denial or plagiarism.
- 8. How do you manage encryption? Make sure the encryption system has a complete key management application. This will help manage and protect the data and keys, and help you safely match encrypted data with the right key.
- 9. Examples of Encryption Web browser encryption Email encryption Hard drive encryption Operating system protection
- 10. A few vendors and their product coverage Blackberry System, software, hardware, and service. Global Technologies Group, Inc. (GTGI) Software Hewlett-Packard Company System, and hardware. software, hardware, and service. Intellect Security Ltd. Software
- 12. Electronic Payment Electronic payment is a payment that is transmitted electronically including telephone lines and Internet
- 13. Electronic Payment Options Credit Cards: 90% of the transactions are made by credit cards. E-checks: encrypted version of paper checks. Echeck Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically.
- 14. Electronic Payment Options E-Cash/Electronic money It is money that is exchanged electronically. This involves the use of computer networks, the internet and digital stored value systems. Bank deposits, electronic funds transfer (EFT), direct deposit, payment processors and digital currencies such as bit-coin are all examples of electronic money.
- 15. Electronic Payment Issues Electronic payment methods should lower cost Stealing of credit card number can be an issue Consumer privacy could be a problem
- 16. A credit card payment transaction
- 17. An electronic cash payment transaction
- 18. Smart card(chip) A smart card can be programmed as required. It can store electronic money, or be used as credit card or an electronic check.
- 19. Benefits of Electronic Payment - Very convenient for the consumer. In most cases, you only need to enter your account information -Electronic payment lowers costs for businesses. The more payments they can process electronically, the less they spend on paper and postage. - 24/7 online bill payment. Most of these services are free to bank customers and coordinate easily with personal software programs such as Quicken or MS Money
- 20. Concerns About Electronic Payment The privacy and the possibility of identity theft. Solutions - Using virus protection software and a firewall on your computer. -You should also make sure that you send your credit card information over a secure server. Your Internet browser will notify you when a server is secure by showing a lock or key icon. In addition, the URL on a secure site is usually designated by the prefix "https" instead of "http." Retailers do their part by using data encryption, which codes your information in such a way that only the key holder can decode it.
- 21. Authentication Authentication, is used to verify that the information comes from a trusted source There are several ways to authenticate a person or information on a computer; -password -pass card -digital signature -Fingerprint scan -Retina scan -face scan -Voice identification
- 22. Set Up E-Payment for A Business In-house handling All-in-one solution, services like PayPal and ProPay make it easy for you to accept credit cards and other forms of electronic payment from your site. When a customer enters his or her information on your site, your payment service authorizes the transaction and transfers funds to your account.
- 23. In-House Handling Requires Shopping Cart. Coolcart.com. Secure Server. Secure Socket Layer (SSL) technology is used to encrypt the data. A system to process credit card payments and an Internet merchant account with a bank. Credit card payment processing services are available through online companies.