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Internet Commerce, Payment Systems and Security (64 pages: chapter 1-5)

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Chapter 1 – Introduction to Electronic Commerce
1.1 Introduction
E-commerce is the involvement of both individuals and organisations in the conduct of various types of electronic business transactions, through the use of computers and telecommunication networks. E-commerce has a significant impact on both the companies has a significant impact on
both the companies that exploit it, and on customers and society as a whole.
For those companies that do use e-commerce and use it to its full potential, e-commerce will offer these companies the possibility of changes that can alter the customer expectations about this company, which would then re -define the market, or maybe even create a whole new market. Similarly, members of society, will be affected by e-commerce, since they will have a whole new way of purchasing goods, accessing information and services on the Internet.


1.2 What is Electronic Commerce?
“Electronic commerce refers generally to all forms of transactions relating to commercial activities, involving both organizations and individuals, that are based upon the processing and transmission of digitised data, including text, sound and visual images”. (Sacher Report, 1997) (1)
Electronic Commerce involves both individuals and organizations in the engagement of a variety of electronic business transactions using computers as well as telecommunication networks. In the past, E -commerce focused on EDI (Electronic Data Interchange) as the main way of
conducting business electronically between companies having an existing contractual relationship. Recently, however, E -Commerce has broadened to include business conducted over the Internet, especially the WWW. This is because of the growing popularity of the WWW, and also due to the fact that the Internet is becoming a mo re accepted mechanism for the transfer of business information.

Electronic commerce today, is an important part of the retail industry, many companies are using this new technology because it enables them to be more efficient and flexible in terms of thei r internal operations. E -commerce has the advantage of allowing its companies to select the best
suppliers, in-spite of their geographical location and to sell to a global market. Many companies are fully exploiting the opportunities offered by electronic commerce and have already began to launch websites with e -commerce platforms. As the number of people using the Internet
increases, e-commerce sites are becoming more popular. These e -commerce sites are leading the
trend by attracting large global audiences.


1.3 Benefits of Electronic Commerce
The primary benefit of Electronic Commerce is improved communication, which allows for flexibility and simplicity for both businesses and individuals. The benefits include (2):
· Better customer service: E -commerce is a reliable way for businesses to communicate
with their suppliers or to receive and respond to customer queries through the use of e -mail. Customers can quickly and easily accept orders via e -email, and can keep in touch with their retail outlets through manufactures of the company.
· Small investment: a small investment in a computer, modem and Internet access can help a business in completing many time consuming tasks, for example, tracking customers’ details and purchases and automating invoicing.
· Open for business: businesses can operate 24 hours and seven days a week with electronic commerce. Orders can be accepted by a website at any time.
· Lower costs: Electronic commerce systems can provide much lower costs than the traditional telephone, fax or paper based transactions. As a result, it can speed up order takings and cash flow, which will increase accuracy and reduce rework.
· Reduced Inventory: The need for any physical warehousing of inventory can be reduced or even removed as a result of faster and shorter supply chains.

The following are some business examples of Benefits of Electronic commerce:
· Reduction in advertising costs.
· Reduction in delivery cost.
· Reduction in design and manufacturing costs.
· Improvement in market intelligence and strategic planning.
· Access to new markets.
· Customer involvement in product and service innovation.


1.4 Risks of E-Commerce
The risks related with E-Commerce can generally be classified into the following areas (3):
· Business Practices
E-commerce usually involves transactions between strangers and unknown parties. This can lead to the erosion of many questions from the consumer’s side. Some of the questions are: Can a company really carry out its orders for products and services as it claims? Are there product guarantees? Will the company allow the return of products? How will a company use any information submitted by him/her? It is therefore crucial that people know that those companies that they are dealing with follow certain business practises. Without th is information that proves that the company has a history of following such practices, consumers can face the risk of fraud, loss and even unsatisfied expectations.
· Information protection
The confidentiality of sensitive information transmitted over the Internet can often be compromised. For instance, consumer credit card numbers can be intercepted and stolen during transmission if there is no use of basic encryption techniques within the web site. Without suitable security practices, customers’ informati on stored on a company’s E -commerce computer system can be provided to third parties outside the company’s business………………………………………………………………………………………………………….

1.6 Conclusion
E-commerce has proved to be useful to both customers and e -businesses. It has improved customers’ services and saved employee time. Through the use of multiple communication and distributions, it can help com panies interact with both customers and partners. Although e – commerce is still very new for many people, it is still used because of its convenience. For
businesses, e -commerce provides powerful tools to market and sell their products and services on-line.
E-commerce not only has advantages but also has some disadvantages to both customers and business. The risks that customers are faced with when shopping on -line is their information being lost, misused or misplaced by hackers or even the company that the y are dealing with. Hackers are also a challenge for businesses, therefore secure online transactions is a major
concern for many businesses. Thus, e -commerce companies must find a way to maximize customers’ trust and satisfaction, which are the keys to success.

Table of Contents
Chapter 1: Introduction to Electronic Commerce
1.1 Introduction……………………………….……………………………………………………1
1.2 What is E-Commerce?…………………………….……………………………………………1
1.3 Benefits of E-Commerce………………………………….……………………………………2
1.4 Risks of E-Commerce…………………………………………….……………………………3
1.5 Electronic Data Interchange (EDI)……………………………………….……………………4
1.5.1 Benefits of EDI……………………………………………………………….…………..4
1.5.2 Architecture of EDI………………………………….………………………………..….5
1.8 Conclusion…………………………………………………….……………………………….5
Chapter 2: Security Issues
2.1 Introduction…………………………………………………………….………………………7
2.2 Why do we worry? ……………….…………………………………………..………………..7
2.3 Why do we need security?………………………………………………………………………8
2.4 Web security threats……………………………………………………………………………8
2.5 Secure E-Commerce Solutions…………………………………………………………………9
2.6 Safeguards…………………………………………….………………………………………10
2.7 Public Key Infrastructure (PKI)……………………………………..………………………..11
2.8 Conclusion….…………………….………………………………………….………………..12
Chapter 3: Cryptography

3.1 Introduction………………………………………………….………………………………..13
3.2 Components of Cryptography………………………………………..……………………….13
3.3 Benefits of Cryptography……………………………………………………..……………….13
3.4 What Cryptography Can’t Do…………………………………………………………..……..14
3.5 Secret Key Cryptography…………………………………..………………………………….15
3.5.1 Advantages and Drawbacks of Secret Key Cryptography……………..………………16
3.6 Public Key Cryptography…………..………………………………………………….……..16
3.6.1 Advantages and Drawbacks of Public Key Cryptography………………..…………….17
3.7 Examples of Cryptographic Algorithms………………………………………………….…..17
3.7.1 RSA……………………………..…………………………………….………………..17
3.7.2 DES……………………………………………….…..………………………………..18
3.7.3 AES………………………….…………………..……………………………………..18
3.8 Encryption Protocols………………………..…..…………………………………………….18
3.8.1 SSL……………………………………………..……………………………………….18
3.8.1.1 How SSL Works……………………………….…..…………………………..19
3.8.1.2 Features of SSL………………………………………….……………………..19
3.8.2 TLS………………………………………….……………………………….……………..20
3.9 Digital Certificates……………………………………………….………………………..…..21
3.9.1 What are Digital Certificates? ………………………………..………………………..21
3.9.2 How Digital Certificates Work? .…………………………………….………………..21
3.9.3 Benefits of Digital Certificates……………………………………………….………..22
3.6 Conclusion……………………………………….……………………………….…………..23
Chapter 4: Electronic Payment Systems
4.1 Introduction……………………………………………………………………………….…..24
4.2 Benefits of Electronic Payment Systems…………………….……………………………….24

4.3 Electronic Cash Systems……………………………………………..………………………..25
4.3.1 NetCash……………………………………………….………………..………………..25
4.3.2 Mondex……………………………………….……………………………….………..26
4.3.2.1 Benefits of Mondex……………………..…………………………………..…..26
4.4 Electronic Credit Card Payments……………………………..……………………….….…..27
4.4.1 CyberCash………………………………………………………..…………….………..28
4.4.2 SET………………………………………………….…………………….……………29
4.5 PayPal……………………………………………………………………………………..…..30
4.5.1 How PayPal Works………………………………………………………………………30
4.5.2 Benefits of PayPal…………………………………………………………………..…..31
4.6 Conclusion……………………………………………………………….………….………..31
Chapter 5: Future Prospects of Internet Commerce
5.1 Introduction………………………………………………………………………….………..33
5.2 The Future of E-Commerce………………………………………………………….………..33
5.3 The Future of Security on the Web……………………………………………..…………….33
5.4 Future Technologies…………………………………………………………….…………….34
5.4.1 Digital TV……………………………………………………………………………….34
5.4.2 Instant Messaging ………………………………………………………………………35
5.4.3 Biometrics……………………………………………………………………………….36
5.5 The future of Electronic Payments……………………………………………………………37
5.6 Conclusion……………………………………………………………………………………38
References ……………………………………………………………………………………….40
Appendix A………………………………………………………………………………………43

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