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ITEC 810 Overview of Micropayment Technology

This paper provides an overview of micropayment technology, focusing on the current systems in use and the operational and security issues associated with radio frequency identification (RFID). It also discusses security violations and the need for cryptography in micropayment systems.

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ITEC 810 Overview of Micropayment Technology

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  1. ITEC 810Overview of Micropayment Technology Supervisor: Josef Pieprzyk VishalBharat Sharma Student ID: 41423682

  2. Agenda • Introduction • Payment Systems • Current Micropayment System in Use • Radio Frequency Identification • Operational & Security Issues • Security Violations • Conclusion

  3. Introduction • Payments systems • Traditional Payment System • Electronic Payment System • Technologies in use from while • Magnetic Stripe Card • Optical Memory Card • Mobile & Internet • Micro-payment System • Radio Frequency Identification

  4. Micropayment Systems in Use • Electronic Toll Tax Collection System • E-Tags • Autopass • Public Transport System • London • Hong Kong • Smartrider • For Fuel Payment • ExxonMobil • Consumer Transactions

  5. RFID • Radio Frequency IDentification • Tags are of 2 types • Active • Passive • How does it work • Whenever tag comes in the range of reader it gets power and starts exchanging data • Benefits of RFID • Easy to use, do not require a contact pad for communications and power • They can transmit data at far higher speeds than their analogues • Operating them is much faster

  6. Operational & Security Issues • RFID Systems Can Be Easily Disrupted • RFID Reader Collision • RFID Tag Collision • Unauthorized Tag Disabling • Unauthorized Tag Cloning • Unauthorized Tag Tracking • Relay Attacks • Forward-Security • Side Channel Attacks • Eavesdropping

  7. Security Violations • Speedpass • ExxonMobil • Mifare Classic Card • London Public Transport System • Dutch Public Transport System • Fastrak • Electronic Toll Collection System

  8. Conclusion • Studied About • Shortcomings of current system • Micro-payment system based on RFID • Main Components of RFID system • Study of security violations • Issues with operation and security • What has not been covered • Cryptography

  9. Thank You

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