Securing Credit Card Transactions with One-Time Payment Scheme

• Main Authors: LI, Yingjiu, ZHANG, Xinwen
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2005
• Subjects: Credit card transaction; Credit card fraud; Security; Information Security
• Online Access: https://ink.library.smu.edu.sg/sis_research/1098; http://dx.doi.org/10.1016/j.elerap.2005.06.002
• Institution: Singapore Management University

Traditional credit card payment is not secure against credit card frauds because an attacker can easily know a semi-secret credit card number that is repetitively used. Recently one-time transaction number has been proposed by some researchers and credit card companies to enhance the security in credit card payment. Following this idea, we present a practical security enhancement scheme for one-time credit card payment. In our scheme, a hash function is used in generation of one-time credit card numbers with a secret only known to the card holder and issuer. Compared with related work, our scheme places less burden on credit card issuers, and can be easily deployed in on-line or off-line payment scenarios. Analysis and simulation show that the time and space complexity is affordable to the card issuer with desired security features.