Hold on! I am not with the fraudsters, nor am I praising the bad guys. It’s just something about the concepts they come up with. In order to acquire sensitive information such as usernames, passwords, and credit card details, fraudsters usually masquerade as a trustworthy entity using electronic communication. But, thanks to numerous “phishing awareness” online programs, the number of people that were not fooled and took no action on phishing email rose from 75 percent in 2006 to 82 percent 2007 (survey conducted by SC Magazine).
After the run-on-the-bank issues that impacted most major banks during the 2008 global financial crisis, e-money/e-wallet stored value services came into highlight. In simple terms, an e-wallet functions much like a physical wallet, but it provides security, efficiency, and added utility to the end user and above all, it is not susceptible to the run-on-the-bank issues. The main reason for its popularity is because, unlike banks,...