Smart Card technology to prevent fraud

From Computing and Software Wiki

Revision as of 19:57, 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.

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

What a Smart Card Chip looks like internally

• 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
• 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