eCurrency
Electronic money (or digital money or eCurrency) refers to cash and associated transactions implemented using electronic means. Typically, this involves the use of computer networks (such as the Internet) and digital stored value systems. Electronic Funds Transfer (EFT) is an example of electronic money. It is also a collective term for financial cryptography and technologies enabling it. One of the most poplur items that is purchased with ecurrency is jewellry.
While electronic money has been an interesting problem for cryptography (see, for example, David Chaum's work), the use of digital cash to date has been relatively low-scale. One rare success has been Hong Kong's Octopus card system, which started as a transit payment system and has grown into a widely used electronic cash system. Another success is the Canadian Interac network, which, as of the year 2000, surpassed cash as a payment method at retail in Canada.
Technically Electronic or Digital Money, also known as eCurrency, is a representation or System of Debits and Credits used, but not limited to exchange value within a another System or as a stand alone System itself, online or offline. Electronic money or eCurrency, is sometimes also used to refer to the Electronic Currency Company itself. An Electronic can be an independent Gold Backed Currency like e-Gold or Non-Gold Backed like eeeCurrency or just like Euro before the legal tender of Euro was introduced in 2002.
Internet fraud
The term Internet fraud refers to any type of fraud scheme that uses email, web sites, chat rooms or message boards to present fraudulent solicitations to prospective victims, to conduct fraudulent transactions or to transmit the proceeds of fraud to financial institutions or to other connected with the scheme.
There are two basic schemes in online automotive fraud:
A fraudster posts a vehicle for sale on an online site, generally for luxury or sports cars advertised for thousands less than market value.
Most Internet fraud is done through the use of stolen credit card information which is obtained in many ways, the simplest being copying information from retailers, either (online or offline). There have been many cases of hackers obtaining huge quantities of credit card information from companies' databases.
Digital Providers
PayPal is an Internet business which allows the transfer of money between email users and merchants, avoiding traditional paper methods such as checks/cheques and money orders. PayPal also performs payment processing for e-commerce vendors, auction sites, and other corporate users, for which they charge a fee. Corporate headquarters are in San Jose, California; it is now an eBay company.
Billpoint was the name of a credit card processing service purchased by online auctioneer eBay in 1998. Billpoint's website was taken offline while eBay integrated Billpoint into their auction service, and it did not debut again until Spring 2000 when it was relaunched as a joint-venture with Wells Fargo bank.
eBay Inc. (NASDAQ: EBAY) is an online auction website, where people from all around the world buy and sell goods and services.
© idigmoney.com. All rights reserved