From BankInfo Security…
Introduction
With all sort of attacks against e-banking and e-commerce systems targeting primarily customers, securing transactions has become increasingly difficult for banks and online stores. There is a widespread use of credit and debit cards for shopping online. However, there use for e-banking (e.g. payments, money transfers, etcetera) is very limited. This is probably because we still tend to view them only as payment tools.
Concern about stolen and misused credit card information is rising. Also, banks and companies have been severely affected by fraud involving credit and debit cards. A good example of this is the security breach at Cardsystems Solutions Inc. earlier this year. Adequately protecting credit card information is not only essential to guarantee secure e-commerce, but it also offers the possibility of extending the uses and services of cards, especially for e-banking purposes.
Root of the problem
Before we start reviewing some of the current solutions, it is worth checking what the root of the security problem with credit/debit cards is, and what mistakes have we made in the …..