Electronic Payment Security Technologies

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Electronic Payment Security Technologies
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Authentication

• Digital signatures
• A unique code applied to an electronically
  transmitted message that identifies the sender
• Uses hashing technology so that changing the code
  will no longer match with the document

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Digital Certificates

• An electronic document that verifies the sender
  or receivers identify
• Certificate authority
• Types and classes of digital certificate
• Site certificates
• Personal authority certificates
• Certifying authority certificates
• Software publisher certificates

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Secure Sockets Layer (SSL)

• A protocol designed to provide a secure
  connection between the sender and receiver of
  information
• Server name of https//

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Functioning of SSL

• Three basic properties of secure channel
• The channel is private
• The channel is authenticated
• The channel is reliable

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Establishing an SSL Secure Connection

1. User browses Web
2. Selects payment screen
3. Request sent to server

• 6. Browser picks one algorithm
• Browser creates key pair
• Browser encrypts secret key
• Browser sends encrypted key to server

Two-way encrypted transmissions can
occur
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Secure Electronic Transaction (SET)

• A security protocol designed for handling
  encrypted electronic payments online
• Specifications include
• Confidentiality of information
• Payment data integrity
• Authentication of merchants, cardholders, and
  clearinghouses
• Interoperability with other protocols
• Dual Signature

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Digital Wallet

• Software that encrypts payment information and
  stores it in a file
• Opponents suggest serious privacy and security
  issues