“Passing your credit-card number over the Internet today is like getting dressed with the light on when it’s dark outside,” says Richard K. Crone … “This could potentially be a fantasy for hackers worldwide,” says Joel Friedman. “Consumers are hearing it’s insecure, so stay away from it,” says[Edward] Hogan. “We have to go through a PR effort to undo that.”
Predictor: Crone, Richard K.
Prediction, in context:In a 1995 article for BusinessWeek magazine, Amy Cortese interviews Richard Crone of KPMG Peat Marwick, Joel Friedman of Andersen Consulting and Edward Hogan of MasterCard. Cortese writes: ”Business volume across the Net has been modest. Roughly $200-million-worth of credit-card transactions took place over the Internet in the past year – barely a drop in the bucket: Visa alone rang up $640 billion in charges in 1994. And most Internet purchases were offline – the buyer browsed the Net and then ordered by phone. For good reason: ‘Passing your credit-card number over the Internet today is like getting dressed with the light on when it’s dark outside,’ says Richard K. Crone, a senior manager in KPMG Peat Markwick’s financial-services consulting practice. That’s holding back electronic commerce in general says Richard M. Lonergan, senior vice president for point of transaction at Visa International. Recent security breaches on the Internet have done nothing to help. ‘This could potentially be a fantasy for hackers worldwide,’ says Joel Friedman, a specialist in banks and credit cards at Andersen Consulting. And the efficiency of the Net increases the potential damage: a cybersnoop could fire off dozens – even hundreds of phony transactions in just a few minutes. ‘Consumers are hearing it’s insecure, so stay away from it,’ says MasterCard’s [Edward] Hogan. ‘We have to go through a PR effort to undo that.’ Software companies, banks and researchers may have the solution in hand. There are at least a dozen initiatives under way. Microsoft is working on several secure-payment systems, including one with Visa for credit-card transactions. Netscape has built encryption into its browser and web-server software. CyberCash, a Vienna, Va., start-up, is working with banks such as Wells Fargo & Co. on electronic payment systems.”
Date of prediction: January 1, 1995
Topic of prediction: Communication
Subtopic: Security/Encryption
Name of publication: BusinessWeek
Title, headline, chapter name: Crafting Software That Will Let You Build a Business Out There
Quote Type: Direct quote
Page number or URL of document at time of study:
Page 34
This data was logged into the Elon/Pew Predictions Database by: Anderson, Janna Quitney