E-commerce fraud

The main aim of this research is to find out about detection and prevention of e-commerce frauds. The introduction discusses the current situation of e-commerce frauds and how people interpret the fraud statistics. It also discusses many misconceptions about e-commerce frauds i. e. many internet crimes are defined as e-commerce frauds, even though they can come under other definitions such as e-commerce threat and breach; these large statistics usually scare the current and potential customers.

The literature review takes this discussion a step ahead and through various tables and graphs, gives statistics of e-commerce frauds. The methodology section discusses a survey done through MindWave. com. The respondents of this survey were companies conducting e-business. In the end various methods of how to prevent e-commerce frauds are given. The research questions of this study include: - What security measures can be taken in order to minimize the risk of frauds in e-commerce?

- What precautions or preventive measures can be taken to avoid any frauds in an e-business? - What is the current and planned fraud detection tool usage? - Does order screening help minimize fraud risks? - What is the economic impact and impact on online businesses due to e-commerce frauds? ASSUMPTION AND LIMITATIONS Most of the Statistical data provided in this report is taken from the United Nations and CyberSource. It is assumed that all the data provided in their website is accurate.

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However, in some places the data might be rounded off for the sake of simplicity, hence there can be some variations. Moreover, this report has been developed keeping in mind the e-commerce fraud detection and prevention and cannot be applied to other areas in the e-commerce. This report depends on the data provided which is taken at face value. In general terms fraud can be defined as any “deliberate misinterpretation which causes another person to suffer damages, usually monetary losses ”. This is a very broad definition and can be classified in to many sub categories.

For example; some people call lying as a fraud, even though it is just a small part of the bigger problem. Internet fraud is defined as any fraud which is done via any online source. This can be done through chat rooms, e-mails, message boards or websites. Coming to a narrower perspective, the e-commerce fraud can be classified as one which contains any kind of transaction or product exchange. For example a fraudulent company might be selling a product which it does not intend to deliver, or the consumer might be using somebody else’s credit card to buy something.

People who use internet are very suspicious about online shopping due to various forms of fraud options available. Even though online merchants use various security measures in order to minimize fraud probability but a single loop hole can lead to very serious crimes. For example, almost 60,000 credit card numbers were stolen from creditcard. com. Though this website has security features, yet a hacker somehow got in the system and pasted these numbers on the internet. Later it was reported that these credit card numbers were used in various fraud cases .

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