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Assignment 5.2

Financial frauds have been plaguing e-commerce businesses since the early days of the internet. Two common types of financial scams are phishing and hacking. Phishing involves fraudsters impersonating legitimate businesses through fake emails or websites to trick customers into providing sensitive information. In a notable example, hackers were able to breach Facebook's system through software vulnerabilities, stealing personal data of millions of users. Another major hack targeted Marriott hotels, exposing guest details and passport numbers going back to 2014 through an unknown vulnerability. To prevent breaches, businesses must implement secure password policies, multi-factor authentication where possible, and carefully manage who has access to different parts of their systems.

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NICOLE YHNA LAGUISMA
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60 views

Assignment 5.2

Financial frauds have been plaguing e-commerce businesses since the early days of the internet. Two common types of financial scams are phishing and hacking. Phishing involves fraudsters impersonating legitimate businesses through fake emails or websites to trick customers into providing sensitive information. In a notable example, hackers were able to breach Facebook's system through software vulnerabilities, stealing personal data of millions of users. Another major hack targeted Marriott hotels, exposing guest details and passport numbers going back to 2014 through an unknown vulnerability. To prevent breaches, businesses must implement secure password policies, multi-factor authentication where possible, and carefully manage who has access to different parts of their systems.

Uploaded by

NICOLE YHNA LAGUISMA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assignment 5.

2 

1. Financial frauds

Financial scammers have been causing businesses headaches since the first online enterprises appeared
on the internet. In the e-commerce market, there are many different types of financial scams, but we'll
focus on the two most typical.

2. Phishing

Many e-commerce stores have reported receiving texts or emails from hackers impersonating as
legitimate store owners. Fraudsters display counterfeit copies of your website pages or pages from
another trustworthy website to trick customers into trusting them. Consider the illustration below as an
example. PayPal makes a request for information in an email that looks to be real and benign.

Honor Pledge

“I affirm that I have not given or received any unauthorized help on this assignment, and that this work
is my own.”

Facebook

The big security breach at Facebook has been widely reported. According to the research, faulty code
was at the foundation of the September 2018 hack. User names, genders, email addresses, location
check-ins, and relationship statuses were stolen as a result of two holes discovered in a privacy tool and
one in Facebook's video upload program.

Marriott

A security breach at Marriott's Starwood Hotel division in 2018 exposed 387 million guest details,
including names, birth dates, gender, residences, and passport numbers. Marriott claimed it didn't know
how the hack happened, although it might have started as early as 2014.

To avoid a security breach, you must be aware of possible dangers. You must determine who requires
access to which sections of the system, how those workers connect to the network, and whether
anybody else should have access in addition to these persons. The next step is to set up secure password
policies. Letters, integers, symbols, and special characters must all be included in passwords. Passwords
should not be reused across several accounts. Instead, each person should select their own. When
feasible, you should also use two-factor authentication.
The different eBusiness/eCommerce practices in the Philippines (at least 2)

B2B transactions utilizing proprietary protocols and private lines, such as EDI systems deployed in big
retail chains like Shoemart and Makro, as well as large international firms like Unilever and Nestle, are
the most common eCommerce practices in the Philippines (as of July 2001).

What are the differences of the common banking services?

Individual Banking - Banks typically offer a variety of services to assist individuals in managing their
finances, including:

Checking accounts

Savings accounts

Debit & credit cards

Insurance

Wealth management

Business Banking - Most banks offer financial services for business owners who need to differentiate
professional and personal finances. Different types of business banking services include:

Business loans

Checking accounts

Savings accounts

Debit and credit cards

Merchant services (credit card processing, reconciliation and reporting, check collection)

Treasury services (payroll services, deposit services, etc.)

Digital Banking - The ability to manage your finances online from your computer, tablet, or smartphone
is becoming more and more important to consumers. Banks will typically offer digital banking
services that include:

Online, mobile, and tablet banking

Mobile check deposit

Text alerts

eStatements

Online bill pay


Loans - Loans are a common banking service offered, and they come in all shapes and sizes. Some
common types of loans that banks provide include:

Personal loans

Auto and boat loans

Home equity lines of credit

Home loans

Business loans

Who are the top 5 performing banks in the Philippines?

BDO Unibank

Metropolitan Bank & Trust Company

Bank of the Philippine Islands (BPI)

Land Bank of the Philippines

Philippine National Bank

What is an EMV Chip enabled card?

Debit cards with an EMV chip operate differently. The chip is a small computer chip that, in addition to
transmitting your account information, creates a one-time code to validate the transaction. You can't
make a transaction without that code, and it's difficult to counterfeit or replicate.

Source: Four Different Types of Services | Banking | First Bank (localfirstbank.com)

Honor Pledge

“I affirm that I have not given or received any unauthorized help on this assignment, and that this work
is my own.”

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