Week # 10 - E-Commerce Security & Electronic payment systems

Chapter 11 objectives:

Explain EC-related crimes and why they cannot be stopped.
Describe an EC security strategy and why a life cycle approach is needed.
Describe the information assurance security principles.
Describe EC security issues from the perspective of customers and e-businesses.
Identify the major EC security threats, vulnerabilities, and risk
Identify and describe common EC threats and attacks.
Identify and assess major technologies and methods for securing EC communications.
Identify and assess major technologies for information assurance and protection of EC networks.

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EC related crimes occur more often than you know.
I have been using craigslist.org as a selling tool for used furniture etc;.
Everytime I have posted an ad, I have been contacted by an individual (each time a different one I guess) who showed a great interest in "the item" I was selling and was willing to pay extra if I'd be willing to hold the item for him. The first time I received such an email - I immediately suspected phishing. The individual tried to lure me into receiving a money order for a higher amount than what I resquested, then wire the balance via "Western Union" to a "friend" of his.
Apparently, the "money order" sent to sellers was always a fake one, and if the seller did what he was asked to do and wire the balance to a third party via Western union - the bank would have held him responsible for the fake money order, and he would loose all the money.
My immediate reaction was to send a complaint to the Internet Crime center,
post a warning ad on Clist to warn others about the spammers, and then email the spammer telling him that he has been reported to the internet crime center and that he should beware.

At some point these e-mails stopped. But I am sure that other users of Craigslist
still get them from time to time.

Craigslist offers warnings and ways to fight internet fraud and scams right here:

http://www.craigslist.org/about/scams.html

This article discusses more fraud issues on craigslist
http://www.legit411.com/IDTheft/craigtslist-identity-theft.html