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The Chargeback System, Its Problems, And Solutions

541 words - 3 pages

Case Study: The Charge-back system, its problems, and solutions.

By Adam Smith

This case study asks three questions: First how this person named Oluwatosin’s pretexting attempt at Checkpoint so effective? My reasoning is that checkpoint did not screen this man, yet instead they were intrigued by this person con and simply made the classic mistake of trusting a person because he seemed like he fit in. What they should have made him wait while the background check was being conducted. In the end if they had simply not took this person at his word they would have never had this problem. The funny part is the fact that it was one of the leading data brokers with over 19 billion public records and information on over 220 individuals.
The second: What were three business impacts of the ...view middle of the document...

The loss of income came from all of the fines and penalties they had to pay. This incident obviously left investor scrambling to dump Checkpoint stock and maintain some financial stability from the incident. The incident also caused an 2 million dollar increase in expenses as a result. People who worked hard every day for a living now had to be worried about whether or not their information had been compromised. This incident did bring forth change from congress on how data warehouses stored and secured personal information.
This security breach incident brought about three significant changes as a result. The first was the FTC mandate the solutions to ChoicePoint’s risk exposure. The company implemented new procedures that ensured it provided consumer reports only to legitimate businesses for lawful purposes. The company also established and maintains a comprehensive information security program, and they also obtained audits by independent third-party security professionals every other year until 2026. ChoicePoint hired a chief privacy officer to reassure stakeholders and legitimate customers they were taking matters of security more serious. The senior level executive is now responsible for managing the risks and business impacts of privacy laws and policies. This position is relatively new and was created to respond to both consumer concerns over the use of personal information like medical data and financial information, as well as laws, regulations, legislation, and the use and safeguarding of consumer financial and banking transactions. The Checkpoint security breach was not the only breach that has occurred, but it was one of the biggest at that time and was a scary image of what the internet can be if steps are not taken to ensure the secure storage of personal and sensitive information.

References
Electronic Commerce: A Managerial Perspective 2008. Retrieved on 08/20/2011

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