Title: Combating EFraud on Electronic Payment System
Abstract: The rapid growth of the Internet over the past several years has been fueled mainly by the sharing and transferring of vast amounts of information.This comes from the increased use of the Internet for commercial business transactions, which gives birth to electronic fraud (e-fraud) problems.M ost business transactions are concerned with three types of security.First, they wish to ensure the positive identity of the customer, and that all transactions are sent to the right customer.Second, they want to protect sensitive customer information, such as credit card numbers, bank account numbers, or other personal and financial data.And third, they want to make sure that the data is not altered or changed as it is transmitted across the Internet.This study seeks to redress this situation through the development of a model of the process of e-fraud, using the existing literature as a guide.Based on a broad definition of both e-crime and e-fraud, the resultant model describes the five key elements of e-fraud: perpetrator, mode of attack, target system, target entity and impact.It is envisaged that the model will allow the mechanics and context of e-fraud to be more fully understood, thus assisting in the development and implementation of effective countermeasures.