In the Corporate World, Is Bigger Badder?
I absolutely love the format of your e-mail newsletters. Short, concise and always with a takeway. I look forward to reading your newsletters every day.
--Elisa Lena Hung, with Office Depot Inc.
Just to build on what you're saying in today's piece, this particular scam is not new, but has been going on since at least 2003, according to the Urban Legends site: http://www.snopes.com/crime/warnings/creditcard.asp
Keep up the good work, Denny.
New System for Secure Electronic Commerce
Predictions about the explosive volume growth of online commerce are not new. Neither are horrific stories about identity theft and the consequences to victims. These reports are at odds with each other, and impede growth of online transactions, especially to smaller merchants.
I do not type my credit card or banking information into any Web site whose address does not start with https. Even then, I often pass up on a purchasing opportunity.
Facilities like PayPal offer some remedy for constantly disseminating credit card numbers, expiry dates, that three-number pin on the back, mother's maiden name, etc., even though it still has to be provided to PayPal to open an account. However, a lot of people do not like PayPal, for whatever reason. Also, there have been many tales of compromised databases that have reduced trust in the most secure sites.
A new way of doing e-commerce may be just around the corner. It borrows from the old-fashioned "layaway," and avoids giving out any information at all, even down to the purchaser's name (and address, if the purchase is digital merchandise such as a downloadable object). It will require setting up a new trading program, and banks, merchants and credit card issuers will need to develop appropriate capabilities.
When a customer shops on a Web site, and completes the activity, a shopping cart is created.