Thesis: Risks of Internet Transactions in Today’s Society

Sample Thesis Paper

There are of course two aspects of these transactions that are most important and at risk in today’s society, one is security and the other is privacy. In case of First Virtual transactions these two factors are the most in jeopardy for the consumer. Even though there is no physical credit card information available to the person being transacted with, the individual can still access the personal information of the First Virtual account holder and over time can learn more details about them then are necessary to do such transactions. Additionally, they can also use this information to charge items to the consumer without his foreknowledge or consent.

In Netscape’s Secure Socket Layer there are two risks involved in using this transaction form. Both of these risks are on the part of the consumer who must trust the merchant in question in order to do the transaction. First is that the certificate that is used to authenticate both the user and the merchant has personal information which is freely available to both to access at any time once sent. The second is that since the individual has to send his credit card number in order to do the transaction there burden of safeguarding this information falls to the company which the individual is dealing with. Additionally there is no guarantee that the company will not use the credit card information without the consumer’s knowledge. The final secure electronic transaction protocol offers a risk to both parties in the transaction. First off since there is no actual card number sent only physical information proving that the card exists, fraudulent information can put the merchant at risk for losing finances since they have to send the merchandise once they verify payment. On the part of the consumer however, the risks are more medium level since the only information that is given in the transaction is the credit card information and perhaps the individuals e-mail ID (Camp p.207-230, 2001).

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