Smart Card technology to prevent fraud

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Revision as of 03:59, 2 December 2007 by SJakubowski (Talk)
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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
  • 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

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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

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