Which of the following threats for electronic payment systems? (2024)

Which of the following threats for electronic payment systems?

Expert-Verified Answer. Explanation: Worms, Trojans, viruses, phishing, pharming, spoofing, man-in the middle, denial of service attack, transaction poisoning and spamming are the most common threats.

What are the threats of electronic payment system?

Mobile payments can be vulnerable to different types of fraud, malware, data breaches, and other cyber-attacks. By understanding the different types of mobile payment security threats and taking proactive steps to protect yourself, you can keep your business and customers safe and secure.

What are the security issues around electronic payments?

Digital payments are vulnerable to security concerns such as data breaches, fraud, and identity theft. Data breaches occur when sensitive information such as credit card numbers and personal information is accessed without authorization.

What is the challenge of electronic payment system?

When customers make transactions with online vendors that are untrustworthy or unreliable, this is known as triangulation. After a customer pays for something, fake sellers use this gateway to steal their card details, either for self-use or to sell that information on to a third party.

Which is a risk when using digital payment?

While this shouldn't be a problem for regular internet surfing, making digital payments via public computers or using public WiFi connections is not recommended at all. Public networks are highly susceptible to cyber-attacks and fraudulent activities, and transactions made through them are highly risky.

Are electronic payment systems secure?

By implementing encryption, digital payment systems can provide a safe and secure way to make transactions. Authentication: Authentication is the process of verifying the identity of a user, It protects sensitive information, ensures confidentiality, complies with industry standards, and builds trust with customers.

What is the weakness of secure electronic transaction?

Weakness of SET

It is not cost-effective when the payment is small • None of anonymity and it is traceable • Network effect - need to install client software (an e-wallet).

What is security issues in e banking?

It is vital to understand the risks and security concerns that come with internet banking, though. Significant security issues include identity theft, fraud, use of weak passwords, phishing attacks, unsecure networks and devices, ignorance, insider threats, and system flaws.

What is the risk in electronic payment system in e commerce?

These risks include fraud, hacking, identity theft, technical issues, security breaches, and chargebacks. To mitigate these risks, e-payment systems must implement strong security measures, such as encryption and two-factor authentication, and stay vigilant against potential threats.

Which is not part of electronic payment system?

Electronic payment refers to the mode of payment which does not include physical cash or cheques. It includes debit card, credit card, smart card, e-wallet etc.

What is electronic payment system and advantages and disadvantages?

Electronic payment systems are ways to conduct financial transactions electronically, such as paying for products or services in person or online. Comparing these systems to more conventional payment options like cash and cheques, they provide various benefits. Convenience is one benefit of electronic payment methods.

What is one of the risks a bank faces by offering digital transactions?

It includes cybersecurity risks, the risk of non-compliance with data protection regulations, and the risk of legacy systems. While banks develop thorough plans for dealing with financial risks, they may not be aware of technological risks. Banks might face several challenges when they try to mitigate technology risks.

What are the three digital risks?

Digital risks include cybersecurity risks, third-party risks, and data privacy risks, which we will examine more closely in the next section. One of the most common types of disruptions that stems from digital risks is that of a data breach.

What transaction has the most risk?

Examples of high-risk transactions

This can include purchases made online, over the phone, or through email. Unfortunately, this type of payment is considered high-risk as it makes it easier for fraudsters to use stolen credit card numbers without presenting a physical card.

What is the most secure electronic payment method?

What is the biggest weakness in information security systems?

What precautions must be taken while making digital payments?

What is the biggest threat to banks?

Credit risk is the biggest risk for banks. It occurs when borrowers or counterparties fail to meet contractual obligations. An example is when borrowers default on a principal or interest payment of a loan.

What is the biggest issue with online banking?

1) Cybersecurity Threats

Online banking is at risk of cybersecurity threats that could expose confidential and sensitive financial information of the customer. Hackers use various tactics like phishing attacks, malware, and ransomware to gain unauthorized access to accounts.

What is the security threat in mobile banking?

Conducting mobile banking transactions over public Wi-Fi can expose users to the risk of cyber eavesdropping. Hackers can intercept unencrypted data transferred over these networks, gaining access to account details and login credentials.

Which of the following are risks of e-commerce quizlet?

Malicious code, unwanted programs, phishing, hacking and cybervandalism, credit card fraud/theft, identity fraud, spoofing, pharming, denial of service, sniffing, and insider jobs.

How many major risks associated with e-commerce What are they?

These risks include the unlawful sharing of data, fraud, malware, and other security breaches, not to mention vulnerabilities related to working with third-party platforms, data privacy laws, online security regulations, and customer service issues.

What are the 4 types of electronic payment systems?

What are the two types of electronic payment systems?

What is the conclusion of electronic payment system?

Instead of reaching for cash or writing cheques, we can now effortlessly transfer funds electronically with just a few clicks or taps. Besides, electronic payment systems have revolutionized the way we handle our finances, making transactions quicker, more efficient, and accessible to anyone with a bank account.