Safety measures used to prevent fraud for electronic payments

• Author: Gabriela Bologa
• Position: Lecturer candidate to PhD. AGORA University
• Pages: 55-61

55

SAFETY MEASURES USED TO PREVENT FRAUD FOR

ELECTRONIC PAYMENTS

Lecturer candidate to PhD Gabriela Bologa

AGORA University

Abstract:

Information supremacy has become the main element of progress in all

domains and it has determined a change of the traditional payment systems as

well as a greater attention to banking security and fraud prevention. The global

security system of a bank must comprise political, security, control, testing and

technical elements.

Key words: environment, micro payments, electronic wallet, banking

fraud, banking security.

The 20th century has defined itself by information supremacy which has

become the main element of progress in all domains. In 1995 new notions appear in

the USA such as: new economy or informational economy or computerized

(digital) economy or electronic economy, terms which all defined a new type of

society about to happen.

The technological support of the new society is carried out by the

convergence between information technology, communication technology and

digital support output which opens new perspectives in modernizing services,

production of material goods, competition, management and efficiency, with

beneficial effects for all social layers.

The model of the society of the future has determined new challenges for

governments and their institutions, business and academic communities, society,

citizens and consumers in order to understand adopt and comprehend the new

dimensions of human relations. In 1999 the European Commission adopts the

document eEurope- a Informational Society for all, which urges the speeding of

the process of digital technology implementation in Europe and the electronic

competence acquirement to ensure a wide use of these technologies. The initiative

has a central role in the calendar of economic and social renewal which EU intends

and it is also the key element to modernizing the European economy.

In the terms of such large scale changes, a change in the traditional payment

systems has become a necessity. On one hand the old payment instruments have

been modified and adapted and the credit card and the electronic checks are now

used for internet operations.

A newer direction is represented by micro payments and the electronic

wallet which take us in a completely different direction from the traditional system

which involve banks in any payment operation.