Risk Assessment Methodology For EMV Financial Transaction Systems
Mohammed Abdulrahman Alqahtani, Aad van Moorsel · Electronic Notes in Theoretical Computer Science · 2018
Banks have introduced various financial transaction systems to manage money transfers between accounts, both locally and internationally. EMV (named after its inventors Europay, MasterCard, and Visa) is one of the most widely spread financial transaction systems. The aim of introducing EMV was to eliminate fraud. However, the EMV system has some vulnerabilities and it has suffered some attacks. The aim of this paper is to develop a risk assessment methodology for EMV transaction systems. The purpose of this methodology is to enhance the process of decision making by analysing, modelling and evaluating the risks that might occur during EMV payment transactions.