Internet-based electronic payment systems

Abstract

As today, the traditional payment systems of cash, cheques and credit cards are being supplemented by electronic cheques, electronic credit card-based systems, and token-based systems, online security is of utmost importance and one of the biggest criteria used for evaluating electronic payment systems. Electronic payment systems must guarantee the essential security requirements: confidentiality, privacy, integrity, availability. authentication, non-repudiation as well as anonymity and trust. This paper compares the various payment systems (both traditional and electronic) available today mainly according to their security aspects. Secure processing can be accomplished including access controls and detection techniques, such as, encrypted communication channels, user and/or message authentication, symmetric and asymmetric encryption, digital certificates and firewalls. These effective security measures, which are outlined in detail in this paper, will protect the information and payment systems against security risks that currently threaten the Internet