DESIGN AND IMPLEMENTATION OF ANTI-FRAUD PAYMENT SYSTEM IN E-COMMERCE SECTOR
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DESIGN AND IMPLEMENTATION OF ANTI-FRAUD PAYMENT SYSTEM IN E-COMMERCE SECTOR
Chapter 1: Background of the Study Commerce refers to the large-scale exchange of goods and services. Commerce, or the commercial sector, is most essential in terms of economic health and can be claimed to be the major driver of a successful economy. As a result, it is critical to maintain legitimate confidence between parties, hence reducing the likelihood of fraud.
Fraudulent activity jeopardises the integrity of business and commercial operations in any given civilization. Inter-societal or international business would occasionally take a back seat in certain settings.
For example, in Nigeria, credit/debit card theft has left a stain on the country’s online markets, and if precautions are not taken, there would be much less interaction with the worldwide community in e-commerce.
Prior to the twenty-first century, traditional commerce consisted of a physical encounter between buyer and seller for a specific commodity or service. This procedure, however mechanical, sluggish, and boring, at least demonstrated a high level of trust in the transaction.
However, in the ICT-powered age, most business can be conducted online, making it vulnerable to fraud if such vulnerabilities are not addressed.
This initiative seeks to combine the integrity of traditional physical methods with the convenience of the information age in order to deliver the best commercial experience.
The concept of e-commerce is to get the best possible transaction outcome. E-commerce uses technologies such as mobile commerce, electronic funds transfer (which this project aims to safeguard), supply chain management, internet marketing, online transaction processing, electronic data interchange, inventory management systems, and automated data collection systems.
The concept of an e-commerce or online shopping system was studied academically in the 1970s, particularly at the Massachusetts Institute of Technology, and was used to facilitate cannabis sales between students from the University of Stanford Artificial Intelligence Laboratory and computer science students at the Massachusetts Institute of Technology.
Thomson Holidays in the United Kingdom adopted it privately as early as 1981, connecting 66 travel agents across England.
Papameletiou (1999) observed in his work “Study on Electronic Payment Systems for the Committee on Economic and Monetary Affairs and Industrial Policy of the European Parliament” a direct relationship between the development of e-payment systems and the expansion of e-commerce.
As payment gateways such as Stripe, PayPal, and Paystack gained traction, the e-commerce sector we see today, which includes Amazon, eBay, Jumia, and Konga, to mention a few, expanded dramatically.
1.2 Statement of the Problem
Fraud is a huge concern and the most prevalent white-collar crime in today’s society. The burgeoning global village of the World Wide Web has exacerbated an already dire situation. Specifically, such long-term repercussions of electronic fraud that must be addressed include:
Chargebacks are sums that the merchant must repay to the cardholder following a fraudulent transaction.
The merchant would lose profit because the good would be’sold’ to the fraudster.
According to Dani and Krishna (2001), “one of the main bottlenecks in the growth of e-commerce is lack of suitable payment instrument and corresponding Electronic Payment System.”
1.3 Motivation for the Study
This study was prompted by the fact that the world is increasingly shifting towards technological applications that provide convenience.
This convenience would necessitate a precisely planned system in order to maintain a high degree of confidence between customers and vendors. Another motivation is to eliminate or at least significantly reduce cases of payment system fraud.
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