Mobility

Securing Plastic Money Using an RFID Based Protocol Stack

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Executive Summary

Since 2006, there have been three major systems that have been implemented in an attempt to reduce the threat of credit card fraud - Chip and PIN (United Kingdom), Chip Authentication Program - CAP (European Union), and RFID enabled credit cards (United States of America). In spite of a big e ort by the EMV1, there has been little evidence to demonstrate the success of these schemes in stopping fraudsters, scammers, and identity thieves. This may be attributed to combinations of poor usability, lack of trusted interfaces, the absence of smart-card cryptography that takes full advantage of the available computation resources, and inadequate authentication protocols.

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