To prevent fraud, online payment systems often use
methods such as 3D Secure.
Select the correct labels for each definition:
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Definition |
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A user (buyer) chooses to pay for a product or service online through a website, app, or platform. |
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The buyer enters payment details, such as credit/debit card information, bank account numbers, or logs into an e-wallet (like PayPal). |
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The payment system encrypts the information and securely transmits it to the payment processor, ensuring data security and preventing fraud. |
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The payment processor verifies the transaction details with the respective bank or card issuer to ensure sufficient funds and validity. |
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Once authorized, the payment system confirms the transaction, and the funds are transferred to the merchant or recipient's account. |
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Both the buyer and seller receive confirmation of the payment, often with transaction details like the amount, date, and method of payment. |
Digital Currency
A popular online payment system is
.
Merchant Account
To complete a transaction, users typically must enter their
for security.
Once the payment is authorized, the funds are then
from the customer's account to the merchant's account.
Which of the following is NOT a common method of online payment?
What does two-factor authentication provide for online payments?
Customers must provide accurate billing
for the payment to be processed successfully.
E-commerce
Shopping Cart
Which of these is a risk of online payment systems?
Fraud Prevention
Digital Wallet
Some online payment systems offer buyer
in case of disputes.
Many online retailers offer customers the option to pay using a
card.
