Any time you shop at an Internet retail website, you will probably be asked to set up a user account. While this information will allow the store operators to form a more personal relationship with you that they hope will be develop into a long-term shopping relationship, they are also establishing electronic commerce safeguards.
These electronic commerce safeguards will allow the store operator to know what your full name is and the address and city and State that you live in. They will probably ask for your telephone number, and learn your cellular number at the same time. These electronic commerce safeguards are used to ensure that when your financial transaction is processed using your credit card number, they will have someone to contact to make sure that it is actually being transacted by you.
If you attempt to use your debit card at a supermarket, there are electronic commerce safeguards in place that will require you to enter a personal code to complete the transaction. If you do not enter the code, then your payment can not be processed, and this is one of the electronic commerce safeguards that you agreed to when you signed your debit card account agreement on terms of use.
Some electronic commerce safeguards are located at the counter at your local banking location. These financial banking institutions will ask that you scan your thumbprint into their databases when you open your checking and savings account. These accounts will be linked to your credit card accounts that show up in your credit files, and will serve as an electronic commerce safeguard every time your credit card is used.
There are electronic commerce safeguards in place at credit card issuing centers too. They use a more elaborate scanning system that might require a thumbprint, and most definitely will require a cornea scan before credit card processors are allowed access to a building that has hundreds of blank credit cards waiting for accounts to be established. With these electronic commerce safeguards in place, identity theft is at an all time low in the credit card industry.
Many of the online money transfer systems that process electronic commerce transactions have electronic commerce safeguard in place too. Their account set-up process will require a waiting period before any payments can be processed through their facilities. They are randomly monitored to ensure that money laundering is not occurring on any accounts in their systems, and that the credit cards that are being used are verified from point of sale, all the way to the bank, before they are credited through the payment processing center.
by Nathan.Smarty 1 year ago
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