With the development of science and technology, mobile payment has gradually replaced the traditional cash payment. In the past, people had to repeatedly confirm whether to carry wallets when going out, but now they only need to bring their mobile phones to go out immediately.
According to statistics, the mobile payment market is expected to generate $62 billion in 2017, nearly double 2016 volume, and expand to $300 billion by 2020. Take Apple Pay launched by Apple as an example. When customers want to make a payment, they press the iPhone Touch ID button, which reads the customer’s fingerprint and ensures the phone does indeed belong to the person. Obviously, the rapid development of mobile payment has brought great convenience to people’s lives.
However, mobile payment or other new payment methods have advantages, but they can easily cause people to worry about whether the payment environment is safe. Especially in the current Internet age, once personal information is leaked, it is like “streaking” in the virtual world.
And despite the increasing attention being paid to cybercrime, it is difficult to accurately estimate the actual amount of such crime, in part because many companies are hesitant to report it due to the fear of losing the trust of their customers, and because even if crime is reported, it may be difficult to quantify the actual dollar amount of the loss.
This raises a question, what is a good e-commerce security system?
Generally speaking, there are six key dimensions to e-commerce security: integrity, nonrepudiation, authenticity, confidentiality, privacy, and availability. E-commerce security is designed to protect these six dimensions. When any one of them is compromised, overall security suffers.
In fact, a great deal of progress has been made by private security firms, corporate and home users, network administrators, technology firms, and government agencies. And there are two lines of defense: technology solutions and policy solutions.
Technology Solutions
There are a number of tools available to achieve site security, including Firewalls, VPN (virtual private networks), Encryption and so on. In terms of technology, these methods can effectively protect the security of e-commerce and payment system.
Policy Solutions
Not only e-commerce firms have developed their coherent corporate policy takes into account the nature of the risks, the information assets that need protecting, and the procedures and technologies required to address the risk, but the governments all over the world have also developed the relevant laws and regulations, for example California Consumer Privacy Act, Nevada Senate Bill 220, and UK Data Protection Act 2018, etc.
To sum up, e-commerce markets work only when a powerful institutional set of laws and enforcement mechanisms are in place. In this age of technology, although mobile payment has its drawbacks, the advantages it can bring are even greater. I think with the development of technology and the improvement of laws and regulations, the concerns about privacy can be put aside, after all, only after the growth of e-commerce, people can share the greater cake.
