Data security is a big concern for consumers and businesses alike. We have talked about data security in class, as it is a major concern and social issue. With more and more people using debit and credit cards to complete transactions, both online and at the store, both consumers and businesses are searching for ways to keep this data secure. One of the largest and most recent data breaches that comes to mind is the Target data breach that happened last November and December. Yang and Jayakumar, in their article in The Washington Posts (2014), stated that up to forty million customers’ card information had been stolen.
One way to help keep credit and debit card information secure is through the use of smart cards, specifically EMV cards with microchip technology versus the magnetic stripe. In this paper we will discuss what smart cards are and how they work, how they increase security, and how they differ from our current magnetic stripe cards.
What are smart cards?
Before diving into the smart card technology and security I want to first address the question of what smart cards are. According to CardLogix Corporation (2010) “A smartcard, typically a type of chip card, is a plastic card that contains an embedded computer chip- either a memory or microchip type- that stores and transacts data.” The website continues on about how the data and information is stored and managed from within the card.
There are many types of smart cards out there used for various purposes from i.d. card and health card to transit and ATM cards; any card that contains memory and a microprocessor, classified as a smart card (Yeow et al., 2009). The smart card that I will focus specifically on is EMV (sometimes referred to as chip or PIN) cards, EMV s...
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...he support will greatly increase. From what I have learned about EMV cards I think that they are great and I very much support their implementation into our markets. I hope that you too have learned something about EMV, microchip card technology, and have come to better understand what they are, how they work, and how they increase card security.
Conclusion
Now that I have discussed what EMV cards are, how they work, why they are more secure, and the decrease in card fraud I hope you have a better understanding of the smart card technology. I hope you can see how switching to this technology can help decrease credit and debit card fraud, and hopefully leave us with fewer data breaches such as the Target breach last year. By using microchip cards businesses and consumers can help keep their data secure and reduce the expense that comes with credit card fraud.
Victorian government came up with a new idea of smart card ticketing transport system. This was also to collaborate the train, bus and tram services in Victoria. With this spark of idea in 2002, a project case and a feasibility study was
PKC is the enabling technology for all Internet security and the increasing use of digital signatures, which are replacing traditional signatures in many contexts. However, RSA is better than PKC because RSA doesn’t need digital signature. As a result, the RSA algorithm turned out to be a perfect fit for the implementation of a practical public security system. In 1977, Martin Gardner first introduced the RSA system. After 5 years, company RSA used secure electronic security products. Nowadays many credit companies of all over the world use the RSA system or a similar system based on the RSA system.
For many years, Target has been hesitant to change credit card security and has shown little to no motivation to make changes. Due to the lack of security measures, hackers were able to steal the identities of many consumers. When credit cards are swiped, the transaction goes through the process of authorization, clearing and settlement. Each phase of the process entails the exchange of transaction data and money that needs to be settled and balanced. This process concludes when the cardholder pays for the goods or services listed on the monthly credit card statement. This is the current system that is used by Target. The company uses a customized version of the Hypercom Optimum L4150 High-Performance Multi-Lane Payment and Advertising Terminal which features a color glass touch screen that offers the brightest and the clearest interface for efficient interactive advertising at the point of sale (POS). “Global payment technology leader Hypercom Corporation delivers a full suite of high security, end-to-end electronic payment products and services” (CARTES & Identification, 2007). The benefits of this device and terminal included an advanced security structure which simplified hardware and application authentication, various privacy options which eliminated the need for add-on physical privacy shields that interfere with terminal usage by the consumer (CARTES &
As we can see now-a-days, there are many replacements to card payments such as MOBILE PAYMENT options like Apple and Samsung Pay. Recently, Apple has launched finger print (TOUCH ID) payment option in its new Mac-book Pro. Almost every application has its own wallet to pay. But still, as we know that technology is any day not secured. It might not be vulnerable today. But, we cannot predict its non-vulnerability because one day or the other, it becomes vulnerable to any type of attack.
This e-wallet system is so ubiquitous, you're probably already using it for online shopping, your own business, loaning cash to friends, and even payment in stores when you have your phone but not your wallet. Adding online casinos to its uses just makes sense! It is reported that in the UK, e-wallet services are continuing to gain popularity, becoming more trusted than credit or debit cards for online payments.
credit or debit cards accessible in one easy location and it’s even got the extra security of the
Data encryption refers to the process of transforming electronic information into a scrambled form that can only be read by someone who knows how to translate the code. In nowadays business world, it’s the easiest and most practical way to secure the information that we stored and processed, and it’s significant for our sensitive information. For example, as electronic commerce is popular now, the vendors and retailers must protect the customers’ personal information from hackers or competitors. They also have many business files or contracts that need to be strictly protected. Without data encryption, these important information may fall into wrong hands and be misused by others. Besides, data encryption may be used to secure sensitive information that exists on company networks, or create digital signatures, and help to authorize in business. No one should underestimate the importance of encryption. A little mistake in encryption may make sensitive information revealing, or even result in illegal and criminal accuse.
...nted. They will claim it will reduce crime, provide more convenience etc. and if you do not get the chip you will not be able to buy, sell, or trade goods and items. But in the end as in the bible it is only the beginning of the destruction of our world and all will come to pass. He causeth all, both small and great, rich and poor, free and bond, to receive a mark on their right hand or in the forehead (Revelation13: 16-18). Is this just some coincidence? I do not think so.
To increase the use of digital wallet, it is required to educate consumers about the benefits of a digital wallet in simplifying and streamlining their purchasing experience.
new advancements such as microchip implant for humans and animals can be very controversial. At first, the implants may seem to have benefits but in the long run they will actually cause more trouble than they are worth. These potential "troublemakers" are about the size of an elongated grain of rice and are injected in the skin under the arm or hand (Feder, Zeller 15). The chip is not powered by battery and there is nothing that can possibly leak out into the body (Posada-Swafford 8). An early form of this technology was used to monitor salmon and has been used for other wildlife research (Verhovek 5). The idea of the chips was started from the September 11 tragedy when the firefighters going into the Twin Towers were "IDing" themselves by writing information on their arm about their blood type, health conditions, and their identity with a permanent marker (Bentley 10). The VeriChip Corporation, which is owned by Applied Digital Solutions, saw this as an opportunity to market their product. As a result of their marketing ploys, Applied Digital claims that so far there have been about 1,000 human recipients of the chip.
Smart cards- They incorporate stored financial value and other important personal and financial information used for online payments.
After graduating high school most young adults will either choose to go to college, immediately start working, or decide to join the military. Credit card companies often see this as an opportunity to seek out to these people and offer them great deals on credit cards hoping that they will accept their offers. Before these people make the decision on whether or not they should get a credit card they must first know the disadvantages and advantages of having one. It is very important that they know both sides so they make the right choice.
More generally, cryptography is about constructing and analyzing protocols that prevent third parties or the public from reading private messages; various aspects in information security such as data confidentiality, data integrity, authentication, and non-repudiation are central to modern cryptography. Modern cryptography exists at the intersection of the disciplines of mathematics, computer science, electrical engineering, communication science, and physics. Applications of cryptography include electronic commerce, chip-based payment cards, digital currencies, computer passwords, and military
Privacy exist wherever personal information or other sensitive information is collected, stored, used, and finally destroyed or deleted – in digital form or otherwise. The challenge of data privacy is to use data while safe-guarding individual's privacy preferences and their personally identifiable information. The fields of computer security, data security, and information security design and utilize software, hardware, and human resources to address this issue.
As established by PCI DSS, our company needs to include different aspects to securely handle and store credit cards information. From the perspective of the Information Security Analyst we must to consider the following points: