Week 10 - Trust in the Digital world
Hey everyone this week we are talking about trust in online business.
1) What is meant by the following statements?
Trust is not associative (non-symmetric)
(A.) Trust is not associative (non-symmetric) - if an individual trusts someone, the individual they trust may not necessarily trust them back.
In terms of buyers and sellers; the amount of trust for each party, isn't always equal.
The seller may have a high amount of trust that the buyer will provide the money or good agreed on for the good they are selling.
While the buyer however may have less trust in the seller that they will provide the goods or service agreed on.
(B.) Trust is not transitive - the relationship extended to one domain is not automatically extended to any other domain that is trusted by that domain.
If your boss trusts you in your workplace to take care of money, that does not automatically mean that he/she will trust your brother or nephew with that same responsibility.
(C.) Trust is always between exactly two parties
Trust needs to involve two parties.
This means trust cannot happen unless there is an exchange at least between two parties .
(D.) Trust will involve either direct trust or recommended trust
Direct trust is created by the free and deliberate act of the parties involved.
Recommended trust is placing trust in an individual because a third party outside the transaction has indicated that they are trustworthy.
2a) Have a look at the following websites. What are some of the elements that have been incorporated to increase your trust in the sites? If there are also some aspects which decrease your level of trust describe them as well.
Ebay are a good example of trust, their pay-pal system covers any losses up to $20,000 (US)
Being one of the big four banks means that ANZ have high security measures.
The webpage measures up as a bank website should, consistent format, programmed in HTML secure.
A widely recognised and discussed website that provides security for financial transactions.
At the bottom of their homepage is a customer certified badge that indicates they are a legally recognized, and trustworthy organization, moderated by a website monitoring committee.
Well like eBay it sets the bar for security amongst websites across the internet.
2b) Find a web site yourself that you think looks untrustworthy.
A website that looks untrustworthy.. Amazon, hahaa, just joking but seriously don't buy shares in Amazon unless your a risk taker.
However there are some smaller websites that link themselves to Amazon which are actually scams, using the appearance of being official by using the Amazon name.
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