Electronic funds transfer at point of sale is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS technology was developed during the 1980s.
A secure cryptoprocessor is a dedicated computer-on-a-chip or microprocessor for carrying out cryptographic operations, embedded in a packaging with multiple physical security measures, which give it a degree of tamper resistance. Unlike cryptographic processors that output decrypted data onto a bus in a secure environment, a secure cryptoprocessor does not output decrypted data or decrypted program instructions in an environment where security cannot always be maintained.
A smart card, chip card, or integrated circuit card is a physical electronic authentication device, used to control access to a resource. It is typically a plastic credit card-sized card with an embedded integrated circuit (IC) chip. Many smart cards include a pattern of metal contacts to electrically connect to the internal chip. Others are contactless, and some are both. Smart cards can provide personal identification, authentication, data storage, and application processing. Applications include identification, financial, public transit, computer security, schools, and healthcare. Smart cards may provide strong security authentication for single sign-on (SSO) within organizations. Numerous nations have deployed smart cards throughout their populations.
A personal identification number (PIN), or sometimes redundantly a PIN number or PIN code, is a numeric passcode used in the process of authenticating a user accessing a system.
EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for "Europay, Mastercard, and Visa", the three companies that created the standard.
Mastercard Maestro is a brand of debit cards and prepaid cards owned by Mastercard that was introduced in 1991. Maestro is accepted at around fifteen million point of sale outlets in 93 countries.
ISO 8583 is an international standard for financial transaction card originated interchange messaging. It is the International Organization for Standardization standard for systems that exchange electronic transactions initiated by cardholders using payment cards.
A hardware security module (HSM) is a physical computing device that safeguards and manages secrets, performs encryption and decryption functions for digital signatures, strong authentication and other cryptographic functions. These modules traditionally come in the form of a plug-in card or an external device that attaches directly to a computer or network server. A hardware security module contains one or more secure cryptoprocessor chips.
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer and access automated teller machines (ATMs). Such cards are known by a variety of names including bank cards, ATM cards, client cards, key cards or cash cards.
A contactless smart card is a contactless credential whose dimensions are credit-card size. Its embedded integrated circuits can store data and communicate with a terminal via NFC. Commonplace uses include transit tickets, bank cards and passports.
In cryptography, Derived Unique Key Per Transaction (DUKPT) is a key management scheme in which for every transaction, a unique key is used which is derived from a fixed key. Therefore, if a derived key is compromised, future and past transaction data are still protected since the next or prior keys cannot be determined easily. DUKPT is specified in ANSI X9.24 part 1.
Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication for making secure payments. The embedded integrated circuit chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the Point-of-sale terminal. Contactless payments are made in close physical proximity, unlike other types of mobile payments which use broad-area cellular or WiFi networks and do not involve close physical proximity.
A payment terminal, also known as a point of sale (POS) terminal, credit card terminal, PIN pad, EFTPOS terminal, is a device which interfaces with payment cards to make electronic funds transfers. The terminal typically consists of a secure keypad for entering PIN, a screen, a means of capturing information from payments cards and a network connection to access the payment network for authorization.
Automated teller machines (ATMs) are targets for fraud, robberies and other security breaches. In the past, the main purpose of ATMs was to deliver cash in the form of banknotes, and to debit a corresponding bank account. However, ATMs are becoming more complicated and they now serve numerous functions, thus becoming a high priority target for robbers and hackers.
ISO 9564 is an international standard for personal identification number (PIN) management and security in financial services.
A card security code is a series of numbers that, in addition to the bank card number, is printed on a card. The CSC is used as a security feature for card not present transactions, where a personal identification number (PIN) cannot be manually entered by the cardholder. It was instituted to reduce the incidence of credit card fraud.
Point-to-point encryption (P2PE) is a standard established by the PCI Security Standards Council. Payment solutions that offer similar encryption but do not meet the P2PE standard are referred to as end-to-end encryption (E2EE) solutions. The objective of P2PE and E2EE is to provide a payment security solution that instantaneously converts confidential payment card data and information into indecipherable code at the time the card is swiped, in order to prevent hacking and fraud. It is designed to maximize the security of payment card transactions in an increasingly complex regulatory environment.
Utimaco Atalla, founded as Atalla Technovation and formerly known as Atalla Corporation or HP Atalla, is a security vendor, active in the market segments of data security and cryptography. Atalla provides government-grade end-to-end products in network security, and hardware security modules (HSMs) used in automated teller machines (ATMs) and Internet security. The company was founded by Egyptian engineer Mohamed M. Atalla in 1972. Atalla HSMs are the payment card industry's de facto standard, protecting 250 million card transactions daily as of 2013, and securing the majority of the world's ATM transactions as of 2014.
The term digital card can refer to a physical item, such as a memory card on a camera, or, increasingly since 2017, to the digital content hosted as a virtual card or cloud card, as a digital virtual representation of a physical card. They share a common purpose: Identity Management, Credit card, or Debit card. A non-physical digital card, unlike a Magnetic stripe card can emulate (imitate) any kind of card. Other common uses include loyalty card and health insurance card; physical driver's license and Social Security card are still mandated by some government agencies.
Google Pay is a mobile payment service developed by Google to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. Users can authenticate via a PIN, passcode, or biometrics such as 3D face scanning or fingerprint recognition.
