The Evolution of Electronic Payments

Exhibitor: Ben Graham

Supervisor: Jon Whitty

Research Group: Complex and Intelligent Systems

Industry Sector: Finance

As authorities struggle to keep terrorism at bay, we are subjected to more digital attacks and credit card fraud than at any other time in history. We live in a world where criminals no longer need to carry guns. A computer now enables them access to all the money in the world. Meanwhile banks are encouraging the increased use of electronic payments and levels of fraud are experiencing dangerous growth. In considering these facts, I have chosen to investigate the sustainability and longevity of our current electronic payment systems.

I have concentrated on credit card and internet fraud and the susceptibility our current systems have to these crimes. Realizing that significant advances in credit card and internet security cannot be achieved overnight, I have researched measures such as smart cards and biometric identification, which should enable a decrease in fraudulent activity in the short to medium term. More importantly long term revolutionary changes in the way we transact for goods and services have also been investigated.

Thesis Document (PDF)