E-commerce is a growing industry. It has made new businesses possible and made shopping easier and faster. Unfortunately, every advancement in modern technology brings new, unpleasant, possibilities. Aside from hardware, and software, problems, the major concern is security of payments.
With identity theft on the rise, as more unscrupulous individuals engage in such illicit activities, there is an ever growing need for improvement in the security of online transactions. Measures such as encryption of sensitive information, once only necessary for high-risk transactions, of great value, are now required for the simplest of transactions (even the purchase of a toy) due to the great possibility of significant financial loss. Such an event can result from an unauthorized individual gaining access to someone’s credit card information and using it to purchase several expensive items, or perhaps wire money, in the person’s name. This can, and has repeatedly, ruined numerous lives and buried good people in debt.