27. Electronic money Define : Scripting money or exchanged only in electronic form Called as:e- cash, digital cash, digital/electronic currency Mainly Used as: micro system Electronic Currencies : Digital or electronic coin 2/8/2011 13
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29. The user can from their account to other account holders to give or receive money.2/8/2011 14
30. Electronic check 2/8/2011 15 6.Interbank(clearing) network settlement Difference with cash like: In cash like, Electronic payment system the first check customer’s account then delivery product or services 5.Endorsed check 1.Payment info 2- invoice 3.Signed check 4.
58. Payment transaction security An electronic payment transaction is an execution of a protocol by which an amount of money is taken from a payer and given to payee 2/8/2011 34
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60. Problem: if a network transaction can be traced back to the originating host, and if the host is used by a known network user only, This anonymity is obviously not sufficient 2/8/2011 35
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62. The requires that at least one of the hosts on the network path be honest.2/8/2011 36
63. Chain of mixes A user anonymity and location untraceability mechanism based on a series of anonymizing hosts or mixes has been proposed by D. Chaum. 2/8/2011 37 Mix A X B Y Z C
64. Chain of mixes The problem of having a mix trusted by all participants can be solved by using a matrix (or network) of mixes instead of just one. 2/8/2011 38
65. Chain of mixes 2/8/2011 39 If A wants to send an anonymous and untraceable message to Y, as in the example with one mix, the protocol goes as follows:
66. Payer Anonymity 2/8/2011 40 The simplest way to ensure payer anonymity with respect to the payee is for the payer to use pseudonyms instead of his or her real identity. If one wants be sure that two different payment transactions by the same payer cannot be linked, then payment transaction untraceabilitymust also be provided.
67. Pseudonyms 2/8/2011 41 First virtual Holding, Inc Started to operate the first internet payment system that was based on the Existing Internet infrastructure, that is e-mail and telnet Send email
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70. Nonrepudiation of Payment Transaction Messages 2/8/2011 45 Digital Signature: To explain the nonrepudiation issues in a payment transaction protocol we will use a simplified model based on the 3KP payment protocol Nonrepudiation messages.
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72. IOTP 2/8/2011 48 Format for electronic payment It is for any transaction It modify for any message Data integrity + nonrepudiation -> Digital certificate+ Digital signature Confidentiality -> ssl+tls