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Retailers Realize EMV Won't Save Them From Fraudsters
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MarkSitkowski
MarkSitkowski,
User Rank: Moderator
10/5/2014 | 1:38:46 AM
Re: Will there ever be a solution?
Here's the silver bullet.

Let me say, up front, that the whole architecture of the authentication/payment cycle is wrong.

Here's an easily implemented solution, which will leave the hackers with a lot of useless data, even if the retailer persists in storing card data in the transaction log, or a network snooper monitors all transactions:

1. The customer presents a credit card to the POS terminal

2. The (hopefully encrypted) card number is sent to the card validation server

3. Each customer has a secret keyword, like 'julyfourth', which only he knows, and which is never transmitted.

4. The validation server sends an alphabet, and a random selection of 1's and 0's to the POS terminal

5. The customer selects a pattern of 1's and 0's which match his keyword. This metadata is sent back to the validation server.

6. The validation server also selects a pattern of 1's and 0's which match the keyword.

7. If the two patterns match, the transaction is approved, if not, it's fraud.

Notice that, since the challenge is random, anyone trying to re-use it. will fail.

Additionally, if this system is used for card-not-present transactions, it is equally effective, and it doesn't rely on chips, biometrics, multi-factor authentication.

Oh, yes. It'll protect ATM transactions from spy cameras, network snoopers and other fraud attempts.
jagibbons
jagibbons,
User Rank: Strategist
10/1/2014 | 6:46:38 AM
Re: Will there ever be a solution?
Even with EMV and tokenization, there are still points in the overall business cycle where card data could be compromised. There are no silver bullets. That's why there are well over 200 controls in the PCI Data Security Standard.
Robert McDougal
Robert McDougal,
User Rank: Ninja
9/30/2014 | 4:14:06 PM
Will there ever be a solution?
As this problem continues to grow I wouldn't be surprised if in 5 years we must use a token in conjunction with our credit cards.


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