7.10. Bank cards are commonly used for payment in electronic commerce and in physi- cal transactions. Customers are normally required to key in the card number as well as the expiry date and/or security code before processing is performed on the Internet. In physical transactions, a signature is required for processing. In main- land China, people often use Union Pay. It is an association for China's banking card industry. On the Internet, when customers use their credit card for payment, they may use a mechanism called "Verified by Visa". Only the holder of the credit card can use it. Us- ers of "Verified by Visa" need to register this function with Visa. They are given a pass- word for their transaction with the merchant. Users are asked to present their password before the transaction is completed. REQUIRED a. What is the purpose of asking additional information like expiry date and/or security code when customers use bank cards for payment? b. Do you think it is safe to reveal such information on the Internet?
7.10. Bank cards are commonly used for payment in electronic commerce and in physi- cal transactions. Customers are normally required to key in the card number as well as the expiry date and/or security code before processing is performed on the Internet. In physical transactions, a signature is required for processing. In main- land China, people often use Union Pay. It is an association for China's banking card industry. On the Internet, when customers use their credit card for payment, they may use a mechanism called "Verified by Visa". Only the holder of the credit card can use it. Us- ers of "Verified by Visa" need to register this function with Visa. They are given a pass- word for their transaction with the merchant. Users are asked to present their password before the transaction is completed. REQUIRED a. What is the purpose of asking additional information like expiry date and/or security code when customers use bank cards for payment? b. Do you think it is safe to reveal such information on the Internet?
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
Management Information Systems: Managing The Digi…
Management
ISBN:
9780135191798
Author:
Kenneth C. Laudon, Jane P. Laudon
Publisher:
PEARSON
Business Essentials (12th Edition) (What's New in…
Management
ISBN:
9780134728391
Author:
Ronald J. Ebert, Ricky W. Griffin
Publisher:
PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:
9780134237473
Author:
Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:
PEARSON