Thesis: Risks of Internet Transactions

Sample Thesis Paper

Introduction

Since the inception of S-HTTP set the standard for internet transactions in 1995 the market for its use has exploded. Today internet transactions are being mainly employed in two sectors of the industry. One is in selling merchandise online in the form of E-commerce and the second is in online banking. However, with its increasing use, concerns have also emerged about the safety and security of these transactions. This article will attempt to discuss the risks associated with internet transactions.

Types of Internet Transactions

Before we go into the risks associated with Internet Transactions it is first important to understand the type of currencies which are used in these transactions. Whenever a currency is used online it is of course sent as a set of instructions describing the value of the currency. This is known as notational currency which can be further divided into three forms First Virtual, Netscape’s secure socket layer and MasterCard’s secure electronic transactions. Of these the last one is the one most used today in terms of internet transactions. First virtual is a first generation protocol for internet commerce which essentially acts as an online virtual account allowing individuals to immediately buy merchandise without the need of a credit card number. The second is Netscape’s secure socket layer which is essentially a series of security measures to ensure that the identity of the consumer and the merchant are verified so that credit card numbers can be shared on the internet and transactions can take place. The final one is the secure electronic transaction protocol which is a combination of MasterCard’s Secure Electronic Payment Protocol (SEPP) and Visa Secure Transaction Technology (STT). This protocol is also used to provide merchants with credit card information but not the number on the card itself (Camp p.207-230, 2001).

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