Smart Card technology to prevent fraud

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== General Facts about fraud ==
== General Facts about fraud ==
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* Data Protection
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*44 Million dollars lost in 2003 due to debit card fraud.
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* Ease of Use
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*100 Million in 2006
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* Easy to Transport Information
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*Numbers on the rise every year.
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* Relatively Cheap and Efficient
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*Takes less then a second and your Card is compromised.
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*Smart card technology can prevent this.
== General Facts about Smart Cards ==
== General Facts about Smart Cards ==

Revision as of 03:50, 2 December 2007

Smart Card technology to prevent fraud is a summary of various ways that fraud can be prevented using smart cards. This wiki page mainly deals with fraud in Credit Cards and Debit Cards.

Contents

General Facts about fraud

  • 44 Million dollars lost in 2003 due to debit card fraud.
  • 100 Million in 2006
  • Numbers on the rise every year.
  • Takes less then a second and your Card is compromised.
  • Smart card technology can prevent this.

General Facts about Smart Cards

  • Smart cards use a microchip embedded onto the card.
  • The chip uses no power, the reader provides the power and reads the information from the chip
  • Smart card chips are encrypted
  • They use RSA and DSA encryption algorithms

Problems with Smart Cards

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Future of Smart Cards

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General Tips to Prevent fraud

  • Hide your PIN
  • Watch for signs of tampered card readers
  • Don't lend out your Credit card or Debit Card

See Also

HaveFunWithCasWiki
[SJakubowski]
[Cavaliaj]
Electronic Voting Systems
Social engineering
Piggybacking
Identity Theft
The Mitnick attack
Security and Storage Mediums
Operating Systems Security
Honeypot
Payment Card Industry Data Security Standard

Retrieved from "http://wiki.cas.mcmaster.ca/index.php/Smart_Card_technology_to_prevent_fraud"
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