They are especially true when they are used in a networked environment particularly in the Internet.
Issues, Disadvantages, and Solutions in Legacy Payment Methods in a Networked Environment
One of the most critical issues that exist in the use of legacy payment methods in a networked environment, such as the credit card, is how secured are the financial and personal information of the credit card users. Especially when used online, where information is oftentimes vulnerable to threats and unauthorized access, there is a high possibility that credit card information may not be secured. This thus is causing great concerns for consumers.
One of the processes when using credit cards in an online trading activity is the transmission of credit card numbers. If the server or web site that handles the information exchange between the consumer and the receiver is susceptible to unauthorized access, there is a chance that the credit card information may be stolen and used by another person for his own personal transactions.
In general, because information security in today's technology hasn't been totally provided with solution, wherein there are still a lot of information viruses that travel between networks and where unauthorized access to information is still a big problem, we can conclude that legacy payment methods in a networked environment is similarly not secured. However, despite of this, there are several solutions that have been developed to protect information from payments made in a networked environment.
One of the most common and basic solution that was developed to protect sensitive data is encryption in which information are sent in random forms of code. This was made more secured with SET (Secure Electronic Transaction) technology. In SET, the credit card number is not totally disclosed to the merchant....
This means that you must continually monitor and communicate about possible changes, pertaining to the overall scope of the threat. Once this occurs, is when an entity will have an effective security procedure that will adapt to the various changes that are taking place. This is significant, because this information can be used to corroborate the overall nature of security threats that could be faced by the SME. Where, this
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