Security Issues Of Smart Card Technology

Furthermore, upon swiping the card the processing machine interprets the code extracting the data routing it to the proper bank to obtain approval. The data can process around the world in 120 milliseconds. Nevertheless, making cards frequently compromised due to the thirty-second window which the cards information is not encrypted. Hackers once tapped into the system use this gateway to extract consumer 's information each time a debit or

Restaurants have a tendency to be targets for cyber criminals. These criminals steal and reconfigure the payment card data for their own purposes. At the Heartland Cafe, Tom has a chance to be a target for a cyber attack by being in a high-traffic area. If the customer is compromised, Heartland Cafe will quickly lose public trust and perhaps Tom will lose the business altogether. Extra measures toward risk management should be taken to ensure that the business itself remains safe. Compliance with PCI-DSS protocols, PTS requirements and the franchisor should inform the franchisee of any software that could translate

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

In a highly competitive market space, being compliant with PCI standards will make our organization more acceptable in the market, and also help build trust and confidence in our operation among healthcare providers seeking our services. In a constantly evolving threat environment with increased levels of data breaches in recent times, ensuring PCI compliance even though not mandated will help attract customers and would be good return on investment. Along with BAA signed with our clients, being PCI compliant would also ensure extra layer of protection by following the practices suggested by leading payment card brands like Visa, Mastercard, etc. who are constantly looking out for new emerging threats in the industry, and are proactive in incorporating changes to PCI DSS standards to minimize the impact of these new threats. Though complying with standards like PCI doesn’t ensure security, they provide a structure around which organizations can build their information security and assurance program, thereby helping them anticipate and mitigate new risks in the area of storing payment card

Failure to protect sensitive customer data can result in serious Business losses and other major negative impacts in business operations. Card Systems Solutions and its successor has been known for the world’s largest client data comprise ever since. This was due to failure to properly protect sensitive card information of millions of customers’ cards it processed during its operation. The company kept sensitive personal information for its clients of which it had no useful reason to store it. The said information was stored in the company’s network which proved insecure following a SQL injection attack that saw millions of card information compromised thus leading to a huge loss due to fraudulent purchases using the stolen information from the company’s system.

Unlike a security access card with a magnetic strip, the smart card has many uses, including building access control and storing value for consumer purchases.

New technology has spurred innovative ways to spend money. As mobile payment systems continually develop, consumer financial and personal information risk exposure. Industry officials state the technology is growing, but security specialists argue growth of will inevitably attract fraud. Smartphone owners must treat their phones as a miniature computer and equip proper anti-virus and malware software. Enacting preventative methods will help thwart security breaches over mobile networks. (Ladendorf, 2013)

In this era of globalization and cut-throat world of competition, it is virtually impossible to do business without using the internet and web applications. Internet gets used for processing the credit card or debit card sale and even for using to save the data of customers to the merchant’s database for future reference and to send promotional offers to the previous and patron customers. And on the other hand, hackers are trying their best to get the data stored on the merchant’s server by spoofing

Card holders have several countermeasures, including complex software which can assemble a vest interaction and guesstimate the possibility of fraud. For example, a large trade occurring in a great distance from the cardholder’s home might seem mistrustful. Merchants may be commanded to call the card holder for authentication, or reject the transaction or do whatever they want. Customers must call the issuer and prove their identity to get their card back.

Abstract – Software Security is the need of the hour today, especially when we have so many of our day to day activities depending upon computers, internet and software’s. These technologies are of utmost importance even for the most basic activities like banking, trading, shopping, social media and communication, which uses different software tools to provide service to users all around the world. Migrating to this tech world has made it a necessity to provide a high quality of software with equally good security. Systems nowadays like a banking system deals with highly sensitive personal information, so providing software security is as much important as the development of the software. The course project required us to develop a secure banking system which helped us to learn about the various software security tools and the get knowledge regarding the current trends in the field, what can be the possible attack vectors , attack patterns and how to mitigate their effects and defend the system against various such factors.

Redesigning of these cards is a part of the Next Generation Secure Identification Document Project. The new cards will have fraud resistant security features and enhanced graphics. These new features will make the cards highly secure and tamper-resistant.

A new type of credit card is starting to become more familiar in the Unites States, called a chip-and-PIN card. The chip-and-PIN cards contain an embedded security chip and a traditional magstripe. This embedded security chip ensures that the card cannot be duplicated, as it masks the payment data uniquely each transaction. The problem with this alternative is that they cost significantly more to make than traditional payment cards and most merchants do not have systems that are capable of accepting the new chip-and-PIN cards. However, in October of 2015 if you have not changed your systems to support chip-and-PIN cards, the liability of the data breach now falls on the merchant, rather than the banks.

As an information security analyst, I have been tasked with identifying the need for compliance with Payment Card Industry Data Security Standards (PCI DSS). A business accepting any amount of payment from credit cards is required to be in compliance. This report will provide a high-level explanation of PCI compliance, how to move through the process, and consequences of noncompliance.

Smart Card LLC has failed to correctly identify its target market and understand its size. They want their product to appeal to the masses. Successfully implementing a one size fits all product without a specific marketing scheme is likely to fail.

Payment processes have evolved from the traditional cash or cards to innovative electronic wallets on smartphones. Consumers are accepting this new form of convenient payment and imputing all of their personal data including their full name and credit card information onto apps such as Apple Pay, Samsung Pay, Pay Pal, etc. These apps are available on both the Apple Store and Google Play and have their own way of using various forms of mobile payment. According to forecasted reports, mobile payment volume will bring in $503 million by 2020 compared to the current $75 billion this year (Bakker, 2016). As always, with new technologies come new challenges and risks. Mobile payment apps are not an exception. Due to the