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Secure payment systems
- 6. E-COMMERCE PROBLEMS Snooper Unreliable Merchant Unknown customer
- 15. MESSAGE CONFIDENTIALITY USING A KEY-PAIR
- 17. THE DIGITAL SIGNATURE PROCESS
- 19. VERIFYING A DIGITAL SIGNATURE
- 21. ENCRYPTION (SHARED KEY) - Sender and receiver agree on a key K - No one else knows K - K is used to derive encryption key EK & decryption key DK - Sender computes and sends EK (Message) - Receiver computes DK ( EK (Message)) - Example: DES: Data Encryption Standard m : message k : shared key
- 23. DIGITAL SIGNATURE Sign: sign(sk,m) = Dsk (m) Verify: Epk (sign(sk,m)) = m Sign on small hash function to reduce cost
- 24. SIGNED AND SECRET MESSAGES sign(sk1, m) Encrypt(pk2) m Decrypt(sk2) Verify-sign Encrypt(pk1) Epk2 ( Dsk1 (m)) pk1 pk2 First sign, then encrypt: order is important.
- 25. DIGITAL CERTIFICATES Register public key Download public key How to establish authenticity of public key?
- 28. SECURITY THROUGH HTTPS Browser Database Server Client 1 Server A URL HTTP TCP/IP HTTP Server App. Server index.html Bank Server Dedicated prog.jsp HTTPS port = 80 port = 443
- 33. MAJOR ARCHITECTURAL COMPONENTS OF THE WEB Internet Browser Database Server Client 1 Server A Server B Bank Server URL HTTP TCP/IP Browser Client 2 HTTP Server App. Server index.html Bank Server prog.jsp
- 38. ANONYMOUS PAYMENTS 1. Withdraw money: cyrpographically encoded tokens 2. Transform so merchant can check validity but identity hidden 3. Send token after adding merchant’s identity 4. Check validity and send goods 5. Deposit token at bank. If double spent reveal identity and notify police customer merchant
- 47. SECURE INTERNET CREDIT CARD PAYMENT
- 50. THE SET PROTOCOL The SET protocol coordinates the activities of the customer, merchant, merchant’s bank, and card issuer. [Source: Stein]
- 51. SET USES A HIERARCHY OF TRUST All parties hold certificates signed directly or indirectly by a certifying authority. [Source: Stein]
- 53. CLASSICAL FLOW OF A SET TRANSACTION
- 61. Mondex Smart Card Processing
- 65. Creating a new global standard for online payments 10/07/04
- 66. HOW PAYPAL WORKS Senders Visa/MC, Amex, Discover Bank Account Debit Card (e.g., Switch-Solo in UK) Stored Value Account Bank Account PayPal Debit MasterCard Paper Check Another PayPal account Stored Value Account Receivers eCheck
- 69. COMPLEMENTARY MISSIONS The world’s online marketplace The world’s online payments standard Powering Online Commerce
Notas del editor
- 52
- 52
- At a high level, PayPal is simply a way to enable someone to send money to another person The buyer can source the funds from a number of places PayPal does some risk-modeling and notifies the seller of the funds The seller can then access those funds from a variety of mechanisms
- THE EBAY MARKETPLACE AND PAYPAL ARE NOT SIMPLY GOOD FOR EACH OTHER; THEY ALSO SHARE COMPLEMENTARY MISSIONS. EBAY IS THE WORLD’S ONLINE MARKETPLACE; PAYPAL THE WORLD’S ONLINE PAYMENTS STANDARD. TOGETHER, WE ARE MAKING INEFFICIENT MARKETS EFFICIENT AND POWERING GLOBAL E-COMMERCE.
- PAYPAL IS NOT ONLY TERRIFIC FOR BUYERS AND SELLERS—IT’S ALSO GREAT FOR EBAY. EBAY, IN TURN, IS GREAT FOR PAYPAL. INDEED, PAYPAL AND EBAY HAVE BEEN SYNERGISTIC FROM THE BEGINNING. EBAY WAS THE IDEAL LAUNCHING PAD FOR PAYPAL’S SUCCESS. EBAY IS THE AGGREGATION POINT FOR SMALL BUSINESSES ON THE NET—BUSINESSES WHO, PRIOR TO PAYPAL, WERE STARVING FOR A SOLUTION TO THE HIGH COST AND INEFFICIENCIES OF TRADITIONAL PAPER-BASED FORMS OF PAYMENTS. IT IS NOT SURPRISING, THEREFORE, THAT PAYPAL WAS BUILT ON THE POWER OF THE EBAY MARKETPLACE. EBAY’S CRITICAL MASS OF SMALL SELLERS COUPLED WITH PAYPAL’S VIRAL MODEL ENABLED PAYPAL TO SOLVE THE CLASSIC “COUNTER-PARTY” PROBLEM—THE DIFFICULTY THAT ANY NEW PAYMENT SYSTEM HAS IN ESTABLISHING A CRITICAL MASS OF ADOPTION. PAYPAL, IN TURN, HAS ENHANCED EBAY’S SUCCESS BY INCREASING THE VELOCITY OF TRADE. SELLERS CAN NOW RECEIVE THEIR CASH IMMEDIATELY, ENCOURAGING THEM TO MORE QUICKLY BUY AND RESELL ADDITIONAL INVENTORY. BUYERS RECEIVE THEIR GOODS MORE RAPIDLY, ENTICING THEM TO BUY MORE. PAYPPAL ALSO IMPROVES THE TRUST AND SAFETY ON THE EBAY MARKETPLACE AND FACILITATES CONTINUED INNNOVATION ON THE EBAY PLATFORM.