Securing Payment Transactions: A Comprehensive Review of Smart Cards and Contactless Payments with Cryptographic Methods
Yatri Patel, Niti Chovatia, Hargeet Kaur · 2024
In today’s fast, advanced and tech-oriented world, human life has been simplified and upgraded at a much higher level which with time will increase with a great spectrum. According to the report, the smart card market is projected to experience a growth rate (CAGR) of 7.33% by 2033. Payment systems have evolved a lot with time and from which we are about to discuss security payment transactions using smart cards. A smart card is a card with a chip comprising CPU, RAM and ROM for storage purposes. This concept of using a plastic card with an embedded chip was first patented in 1968 by two German inventors, Jurgen Dethloff and Helmut Grottrup. Motorola and Bull developed the first smart card microchips in 1977. Due to its ability to provide more secured and authenticated transaction smart cards are fit for use in contactless payments as compared to barcodes or machine-readable stripes. Smart cards find utility in scenarios demanding heightened authentication and security in contrast to alternative machine-readable data stores such as barcodes and magnetic stripes. The first is passwords, confidential and public cryptographic keys for encryption and decryption etc. It performs personal identification by collecting such personal information. This involves biometric information like fingerprint scans, iris scans and images. The second is digital currency. Electronic cash is debited at the time of purchase and the cardholder must pay “real” money to complete it. Personal information (excluding personal information), such as purchase information at certain stores, medical history and travel history. One of the most crucial factors in the success of smart cards is that they are secure, transferable and can maintain data integrity and then data is stored on the card. In this article we will examine the security of contactless payment systems, considering personal threats and different attacks which the system must protect against. Our review focused on the importance of trust, security measures and technologies that govern how transactions occur in contactless payment cards and NFC-enabled mobile wallets. We will also investigate EMV and ISO standards for contactless payment and highlight their limitations in improving the security and privacy of contactless payments. These conflicts are problematic because adversaries can use them to weaken the integrity of free connections