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  • IT430 Ecommerce Assignment Answers - Electronic Check Security & Risks of Virtual PIN Payments

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    Amaan Mughal Mughal
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    1. The buyer encrypts an electronic check with a symmetric key and sends it to the payee in a secure envelope via email. 2. To decrypt the check, the payee retrieves the symmetric key and uses secure hardware like a smart card. 3. Electronic checks are more secure than virtual PIN payments because they require the payee to verify the check with secure hardware before depositing it, whereas virtual PIN payments must deliver goods before receiving payment.

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    1. The buyer encrypts an electronic check with a symmetric key and sends it to the payee in a secure envelope via email. 2. To decrypt the check, the payee retrieves the symmetric key and uses secure hardware like a smart card. 3. Electronic checks are more secure than virtual PIN payments because they require the payee to verify the check with secure hardware before depositing it, whereas virtual PIN payments must deliver goods before receiving payment.

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    57 views2 pages

    IT430 Ecommerce Assignment Answers - Electronic Check Security & Risks of Virtual PIN Payments

    Uploaded by

    Amaan Mughal Mughal
    1. The buyer encrypts an electronic check with a symmetric key and sends it to the payee in a secure envelope via email. 2. To decrypt the check, the payee retrieves the symmetric key and uses secure hardware like a smart card. 3. Electronic checks are more secure than virtual PIN payments because they require the payee to verify the check with secure hardware before depositing it, whereas virtual PIN payments must deliver goods before receiving payment.

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    Muhammad Usman Mughal MC080200588 IT430 Ecommerce Assignment # 3

    Question # 1: Assume that you want to buy an IPhone from an online shop. You had ordered an IPhone and made payment using Electronic check. You had forwarded the electronic check in a secure envelope to the payee. How will the payee decrypt the secure envelope to verify electronic check? Also describe the main reason which makes electronic check more secure than Virtual PIN payment system. ANSWER: After buyer fills the necessary information of amount date he/she has to generate a blank electronic check using electronic check book. That electronic check is digitally signed by the payer through his private key. A private key is a certificate that is issued by the buyer bank. And public key of the buyer is also attached with the electronic check. This whole information is then forwarded to the payee in a secure envelop through email. When a user encrypts the information with a
    symmetric key then a secure envelop is created.

    Consequently to decrypt the information in the electronic check buyer uses the symmetric key that is obtained by retrieving the symmetric key. They payee sanctions the check using some secure hardware device like a smart card and move it further to the bank of payee in the structure of a secure envelop thats the major reason which cause the electronic check system more secure

    Question #2: Assume that you want to buy a book named Electronic Commerce from an online book shop using Virtual PIN payment system. You are already registered with First Virtual and your Virtual PIN is alpha. How would this transaction take place? Would you need your credit card number in this transaction? Why Virtual PIN is considered an insecure method for online transactions? Justify your answer. ANSWER: Following steps will be include in the process of transaction 1. Select order 2. Merchant 3. Payment request 4. Payment 5. Deposit 6. Accepted 7. Receipt 8. Send goods

    9. Good acknowledgement No credit card number is needed in such transaction in which you are using virtual PIN payment system and you are already registered with. Pre-registration of buyer and merchant with the FV makes the Virtual pin system insecure. And in this system merchant must have a bank account and buyer also should possess a credit card. Goods have to be delivered before the payment is made which makes the merchant side more insecure

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