Smart Card technology to prevent fraud
From Computing and Software Wiki
Revision as of 04:28, 3 December 2007 by SJakubowski (Talk)
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 debit/credit fraud in Canada
- 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
What is a Smart Card
- 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
Background
- Invented in 1968. German rocket scientist. Helmut Gröttrup
- French debit cards in 1992.
- Carte Bleue.
- EMVco
- Company that updates the card specifications.
- Visa/Debit cards must meet their worldwide standards if the Card is to be successful.
Problems with Smart Cards
- Chip is not flexible.
- Big banks estimate it would cost 500 million to convert the system to use smart cards.
- They have been cracked in the past.
Future of Smart Cards
RFID.
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
