E Fraud

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Overview:
An e- fraud is considered to be an electronic crime that affects not only individuals businesses and governments but also allows for very negatively intelligent people and hackers to use their intelligence to log into other’s accounts use their credit card numbers and banking password and transact huge amounts of trade and money . it has been seen that e fraud is on the increase and this is because of the low levels of awareness, the inappropriate counter measures that are ineffective to handle this kind of fraud has led to e frauds being on the increase .The only area that has been actively involved in reducing the impact of fraud is the technical side leaving the other so many variables out of the purview of the e fraud scenario. This has made e fraud even more easier because there have been no mechanisms to reduce these occurrences and even if there are there has been limited penalties issued to the frauds that happen on the cyber space. Introduction:

“The complexity of modern enterprises, their reliance on technology, and the heightened Interconnectivity among organizations that is both a result and a driver of e-business these are rapidly evolving developments that create widespread opportunities for theft, fraud, and other forms of exploitation by offenders both outside and inside an organization “ (KPMG 2000) The paper tries to assimilate and analyze the strategies that can be adopted by everyone who deals on the cyber space to protect their information and finances securely. This paper also tries to analyze why such frauds occurs and what can be done by stakeholders to minimize the occurrences and is it worthwhile an attempt to bring in a global governance ordinance which could help businesses and agencies nab the criminals . It is recorded that global e commerce sales are steadily growing and with this the e commerce fraud too. The eco system which has promoted the concept of ecommerce streams from the millions of shoppers and customers who use their debit and credit cards .Though online shopping is projected to be a very safe way of shopping and bank transactions through secured payment modes, frauds have been continually on the increase .It has been objectively researched that e commerce transactions have to be highly secured .Every transaction has to be screened for the following inputs . 1.Risk based authentication should be enabled for every transaction and to prove the integrity of the user. 2. Card holders‘s data has to be tokenized so that consumers identity can be authorized and protected. 3. Reputed brands should shut down phishing and Trojan attacks that make easy e commerce frauds. Some practical applications for reducing e commerce brands:

Fraud detection and prevention by addressing the critical needs of the entire credit card eco system. Evaluating transactions for the risk and balancing risk activities in cards . High transaction abandonment rates that results from poor user experience . Reducing the compliance costs so that we ecommerce frauds commitment costs become high . The following diagrammatic representation shows how the personal data ecosystem is subject to hacking by very professional hackers.

(source:Google.com)
Credit card fraud
The credit card industry reports huge frauds conducted over the internet in the US alone, in the year 2010, $8.6 billion card frauds occurred (Aite Group study). With worldwide electronic information sourcing and data storage and the thousands on online purchasing that is going on, the frequency of card usage has increased and this has resulted in financial institutions and cardholders becoming victims of e fraud . Countries worldwide have set up agencies to monitor e fraud and have their own agencies to take care of such crimes especially those related to the cyber space and those which happen on cyberspace and in ecommerce space .E commerce sales is expected to total almost $1 trillion by 2013. Ecommerce fraud is...
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