Openbazaar, a Bitcoin-integrated decentralized e-commerce platform, is trying to surpass existing companies with Bitcoin’s unprecedented security measures and the multi-signature technology.
The rate of credit card fraud cases has significantly increased over the past few years. Major credit card companies and payment network providers have responded by creating chip-enabled EMV cards, which presents improved security protocols for consumers which reduces the possibility of card and transaction fraud.
With 88% of MasterCard credit and debit cards being protected by EMV chips, initiating physical theft and transaction fraud has become increasingly difficult for hackers. Recognizing the sophisticated security implementation behind EMV chips, hackers have begun to target more vulnerable and easier targets: e-commerce platforms.
Vulnerabilities of e-commerce platforms
Anything that is connected to the Internet is subjected to hacking attacks and security breaches. For consumer-based platforms and systems, it is important to implement the necessary steps in protecting user data and sensitive financial information.