Evaluating the security of available payment methods The Way to Pay Evaluating the security of available payment methods David Yienger

Evaluation Criteria Ease of Use Acceptance Rate Learning Curve Security!

Smart Cards Use imbedded chip instead of traditional magnetic stripe Unique ability to store large amounts of data On-card encryption Digital Signature Attacks require significant equipment and expertise Differential Power Analysis Timing Attack Reverse Engineering - Destructive

Electronic Check Check cashing in a hassle-free way Avoids fees of credit card processing Some companies promote eCheck use by passing this saving to the consumer Captures the information held on a standard check Processed as single debit transaction Difficult to dispute a deposited check Would only lose the check, not an entire account!

Bit Coin Electronic, anonymous currency Lack of central authority results in constantly fluctuating transfer rate Slowly gaining acceptance Based on mathematics Fixed amount released, but can be broken into smaller segments User Encryption largely varies

The Field Credit Card Common target for fraud Digital Cash Combination of debit account with anonymity of cash Lacking widespread acceptance Cash Belongs to the holder

References and Resources http://www.smartcardalliance.org/publications-smart-card-security/ http://www.transfirst.com/resources/merchant-basics/what-is-an-electronic-check-payment http://www.coindesk.com/information/what-is-bitcoin/ http://www.referenceforbusiness.com/small/Inc-Mail/Internet-Payment-Systems.html

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