Electronic Commerce, which pertains to commerce or business transacted online, has its own pros and cons. The primary benefit that consumers derive from this is convenience. Internet banking has been revolutionary indeed. A person can do banking anywhere at any time. No person can be in two places at once, but Internet banking makes this possible. A person can track and monitor his or her account while working or doing something. Aside from convenience in time and effort, Internet banking gives the customer a wide array of choices.
He or she can view different merchandise offered by all sellers thereby making it easier for him or her to find and choose what he wants best. The disadvantage is that since there is no physical interaction, settling disputes would be more challenging and the transactions are more open to fraud (Answerbag, 2009). The society today is now faced with security disadvantage when it comes to any Internet agreements because as all people know, Internet banking involves confidential financial information which can destroy the customer if it gets into the wrong hands, and this is what happens in cases of Internet frauds.
Other disadvantages of electronic commerce are extortion and theft. Conclusion Be it electronic commerce or not, risks are involved in every contract or agreement entered into by a person, and it is up to him or her to take the necessary steps to ensure his or her security. The government is doing their best to solve Internet crimes, but their efforts will become futile if people do not become more alert and careful. Internet technology is continuously evolving and the Internet crime perpetrators have been adapting to it.
Thus, what the people can do best to help themselves is to put their guard up. It really pays to think twice and be careful in everything. References Advantages and Disadvantages of Internet Banking. (2009). Answerbag. Retrieved July 13, 2009, from http://www. answerbag. com/articles/Advantages–Disadvantages-of-Internet-Banking/ed15ebd2-2702-2b07-9c59-d234fe2fab2e. Credit Card Fraud Help. (n. d. ). Articles. Retrieved July 13, 2009, from http://www. novinite. com/finart/credit_card_fraud_help. html. Consumer Fraud Reporting. (2009).
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