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Cryptography, Encryption, and Payment Processing

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The ability to handle online transactions is dependent on the safety of sensitive financial information. Allied Wallet has a remarkable 0.04 percent fraud rate, hundreds of times below the average for credit cards. The biggest struggle in getting customers to use e-commerce is trust that they will not be ripped off. Allied Wallet is one example of a company working to take care of the trust issue.

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Cryptography, Encryption, and Payment Processing

  1. 1. Allied Wallet
  2. 2.  The ability to handle online transactions is dependent on the safety of sensitive financial information. Allied Wallet has a remarkable 0.04 percent fraud rate, hundreds of times below the average for credit cards. The biggest struggle in getting customers to use e-commerce is trust that they will not be ripped off. Allied Wallet is one example of a company working to take care of the trust issue. They accomplish this through a robust encryption method that converts individual numbers into hundreds of scrambled characters, making it nearly impossible to break through. The use of encryption and cryptography dates back centuries, but the last hundred years has been the heyday for encrypting and protecting information. Where once it was the domain of military intelligence, like the enigma machine of World War Two, now encryption has its most common use in protecting financial data. What once was the domain of physical keys and ciphers is now the domain of supercomputers and algorithms that churn through millions of different characters and codes.

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