Visa Company Essay Example for Free

Visa Company Essay Internet shopping is just one of the many types of â€Å"Shopping from Home† (Trading Standards Service, New Jersey, p. 1). The convenience of shopping online had encouraged shopping for airline tickets, computer hardware, books and even stocks and mutual funds. In the United States studies in 1997 showed that Americans spend as much as $5 trillion annually (Strategies Group Inc. , 1998). In another study, Visa Company estimates that 30% of Internet users, corresponding to 18.3 million shoppers will have to shop online in 2002, which mean that it will triple the 1997 figures (Visa, 1996). Visa also found that 25% of Internet users in 2002 have visited websites for shopping purposes while 12% have undergone banking transactions. Relative to percentage of internet shoppers by age group, Strategies Group Inc. estimates that 77% of consumers ages 25 years and below are willing to shop online while 67% pertains to consumers ages 26 to 34 (Strategies Group Inc. 1997). Technology and the globalization trend has made even shopping more convenient to people. These factors have influenced much of the shopping behaviors of consumers and Internet shopping is not an exemption. Several other factors include the following: (1) experience in conventional in-home shopping methods, (2) internet experience, (3) work in the computer branch, (4) convenience factors, (5) uniqueness of the product sold in the Internet, (6) perceived risk and (7) the desire of consumers to experiment (Yankelovich Partners 1996). Aside from these factors, there are studies that show some other factors that are somehow related to the consumer’s Internet shopping behaviors. Time and internet experience according to Network Wizards influence internet shopping behaviors stating that online shoppers are frequently people who spend more time over the Internet or those people who regard Internet surfing as a habit (Network Wizards, 1996). TAKING THE RISKS OF INTERNET SHOPPING The convenience and fun of Internet shopping have corresponding risks that consumers must take and must seriously consider. Because Internet shoppers are required to give their personal information such as name, address, phone numbers, credit card numbers and even Social Security Number (SSN), shoppers are at risk of fraud and identity theft. Our main concern in this paper is to trace back the processes that Internet shoppers undergo before the actual purchase of the product in order to find out where is the loophole located. There have been studies and surveys including criminal records that prove fraud and identity theft to be true. Surveys provided by the Privacy Rights Organization revealed that there are about nine million victims of this crime each year. Studies also show that there are various ways criminals have been using in order to steel one’s identity. They can acquire personal information such as SSNs, driver’s licenses, credit card and ATM numbers including birthdates, addresses and phone numbers that they use to spend the victims’ money without permission. This is done through the process of impersonation. There are two types of identity theft: Account takeover and application fraud (Privacy Rights Clearing House, 2007). Account Takeover happens when the criminal â€Å"acquires your existing credit account information and purchases products and services using either the actual credit card or simply the account number and expiration date. † On the other hand, Application Fraud (true name fraud) happens when the criminal opens new account in your name using your personal information he acquired somewhere. There are several ways by which personal identifications are stolen by these criminals. The website of the Privacy Rights Clearinghouse has provided the following information relative to the most common methods by which one’ identity is stolen. One way is called Dumpster Diving wherein criminals may come as scavengers who fish for unshredded credit cards, loan applications and other documents containing personal information such as SSNs in trash bins. Criminals may also steal mails by unlocking mailboxes. They may also other documents in the mailboxes such as issued credit cards and other documents containing vital information relative to one’s identity. Shoulder Surfing can also be one way wherein criminals can acquire PINs by looking over your shoulders while doing business on ATM booths. Finding identifying information on Internet sources, via public records sites and fee-based information broker sites are ways wherein criminals acquire personal data but they remained unnoticed. Criminals also send email messages that look like they are from your bank, asking you to visit a web site that looks like the banks’ in order to confirm account information. This is called phishing. Take note that of the five methods enumerated above, two are related to the use of the Internet. This therefore suggests that Internet shopping, using the fact that the process requires the use of personal identification numbers, is risky. It is therefore important that each Internet user, especially shoppers, have knowledge on the risks of Internet shopping. Moreover it is important that they too have at least the basic knowledge of Internet and email security information. WHAT SHOPPERS SHOULD KNOW ABOUT INTERNET SECURITY There is basic security information that every shopper should be aware about the Internet. Take note that this information is required by websites who are into the business of online retailing. The terminologies that we are going to discuss are defined and described based on the information provided by the Office of the E-Envoy (Security Tips: Beginners’ Guide to Computer Security). One should learn the importance of a password. A password is a code which the website asks in order to have an individual and exclusive access of the site and the account you have created. Passwords may either be a series of numbers, letters or a combination of both. It is basic and a requirement that such password is a secret code that should be exclusively revealed between the user and the company and therefore should not be disclosed or shared to anyone else. A Security Lock Layer (SSL) is a software tool which ensures that information sent to or from a website cannot be viewed during transmission. It uses a public and private key encryption system. Another security tool common in the Internet is the Padlock. There are cases wherein the Internet user comes across with a padlock (a figure displayed as in a real padlock) displayed in the browser. A padlock in the browser suggests that the website is secure since they are using the SSL software. A site in the padlock therefore means that the information you are transferring from your computer to the operating system of the website offers the assurance that they cannot be intercepted by anyone during the transferring process. Each shopper is also advised to look consider only secure browser when doing online shopping. A secure web browser complies with the standard technical security protocols. This compliance gives the website visitors the assurance that the information they provide to the site cannot be viewed by unauthorized persons. Secure web browsers necessarily has the padlock symbol which when double clicked will reveal a â€Å"digital certificate† which confirms that the site is authentic. Needless to say, Internet shoppers should always shop only on authentic websites. Remember that â€Å"phising† is one of the many ways you can be fooled by imposters.