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"E-signature" Sign Your Name on Internet.

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Introduction

Sign Your Name on Internet "E-signature" Sign Your Name on Internet. Haw Hsin Yang Rutgers University-Camden Introduction In the past decade, human beings have been experiencing an unprecedented and radical technological change, especially in business solutions brought by the rapid popularity and the widespread applications of Internet. On one hand, Internet does create a lot of benefits that we've never had before; on the other hand, what comes together is a number of unexpected challenges. One of the most rigorous challenges is Internet fraud. The amount of money consumers are losing to Internet fraud is obviously increasing. According to the IFCC (Internet Fraud Complaint Center) 2002 Internet Fraud Report, from January 1, 2002 to December 31, 2002, the IFCC Web site received 75,063 complaints. This amount includes many different kinds of complaints, such as auction fraud, credit/debit card fraud, computer intrusions, SPAM mails, and child pornography. Meanwhile, IFCC has filed 48,252 complaints as fraudulent cases, and this number also means a three-fold increase from the previous year. The total dollar loss from all referred cases of fraud was dramatically increased, from$17 million in 2001 to $54 million in 2002, with a median dollar loss of $299 per complaint. (IFCC 2002 Internet Fraud Report [EPA], 2002) Overview In addition, it is believed that a lot of fraudulent cases are still not reported to law enforcement agencies, which makes exact numbers impossible to calculate. ...read more.

Middle

Benefits of E-signature By applying e-signature, not only e-business but also traditional businesses will benefit in several ways. Some of the benefits are presented as follows. 1. Enhanced security. E-signature allows companies to share confidential information with intended entities and keeps unintended others away. In addition, electronically signed documents dramatically reduce chances of being forged. In this way, traditional handwriting forgers cannot fabricate signatures on a check or a document anymore. 2. Decreased communications cost. E-signature creates an easier internal communication system for employees. All internal activities which require managers' authentication or colleagues' responses are able to be simplified just by e-mails. 3. Elimination of time for business processes. Since verification and authentication jobs in financial businesses can be very time-consuming, E-signature handles this process rapidly and creates a great deduction of needed time. 4. Reduced headcount. As business processes can be eliminated, those employees who are previously responsible for manual jobs become redundant. 5. Paperless documentation. Even though the using of ERP applications has already reduce the usage of papers, business processes still require a lot of paper work, such as legal documents, checks, and so forth. E-signature is able to validate an electronic document as a physical one. Concerns of E-signature One thing, however, is certain in such a rapid changing world: there are always pros and cons existing in a new technology. ...read more.

Conclusion

Further, in order to achieve a global PKI infrastructure, it is crucial to wait for U.S., the biggest economic entity in world, to prepare itself. Second, as a result of the concerns mentioned above, there may be any unexpected operational and technical problems which hinder E-signature. Finally, and most importantly, it is extremely hard to change a thousands-of-years habit of human beings. A single click is so different from someone's own handwriting that many people still spend time to handle an important thing in person rather than sit in front of a computer to deal with it. Reference: Bushong, J.G., Helms, G.L. & Nelms, L. (2002) Security in Internet e-commerce. Ohio CPA Journal, Vol.61, 12-15. Etheridge, Y. (2001). PKI-how and why it works. Health Management Technology, Vol.22, 20-21. Fields, J. (2001, January 25). E-signatures Wait to Make Their Mark. BusinessWeek online. Retrieved October 30, 2003, from http://businessweek.com/smallbiz/content/jan2001/sb20010125_385.htm Grupe, F., Kerr, S.G., Kuechler, W. & Patel, N. (2003) Understanding Digital Signatures. The CPA Journal, Vol.73, 70-75. Mann, K. (2000). Unlocking public key infrastructure. Retrieved November 3, 2003, from http://www.vnune.com/features/1104266 National Consumers League. (2002). Internet Fraud Statistics for all of 2001. Retrieved November 3, 2003, from http://www.fraud.org/internet/2001stats.htm. National White Collar Crime Center & Federal Bureau of Investigation. (2002). IFCC 2002 Internet Fraud Report. Richmond, VA: Author. Piazza, P. (2001). Can you trust online IDs? Security Management, Vol.45, 39. PKI. (2002). SearchSecurity.com. Retrieved November 3, 2003, from http://searchsecurity.techtarget.com/sdefinition/0,,sid14_gci214299,00.html Sign Your Name on Internet 1 ...read more.

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