Encrypted Information Science
In the digital age, the security of financial transactions is paramount. Banks and payment systems employ a variety of cryptography techniques to safeguard transferred information and ensure secrecy during transmission.
One of the key methods used is the EMV Chip Technology, a global standard for credit and debit cards with embedded chips. This technology supports encrypted PIN verification methods, such as offline enciphered PIN and online PIN, depending on the terminal and region. EMV also offers various cardholder verification methods, including signature, biometric, and PIN, to suit different terminals and regions [2].
Another crucial technique is Point-to-Point Encryption (P2PE). From the payment terminal to the payment processor, cardholder data is encrypted to prevent interception and fraud. P2PE ensures data remains encrypted during its journey across potentially insecure networks [4].
Transport Layer Security (TLS) is commonly used for securing communication channels between client and server, such as in online banking portals and payment gateways. TLS protects the transmission of payment information over the internet [4].
Banks and merchants also follow PCI DSS v4.0 guidelines, which mandate robust encryption, authentication, and risk monitoring practices to safeguard stored and transmitted cardholder data [5].
As the financial sector prepares for future computing threats, emerging developments focus on quantum-resistant cryptography. This involves the use of hardware-backed secure elements and trusted environments for offline and online transaction security [3].
In online payments, additional security is applied via digital wallets and tokenization. These methods replace sensitive card data with tokens, further reducing exposure risk [1].
However, concerns about quantum computing breaking current cryptography encryption standards have prompted NIST to issue a call for new public-key cryptography standards. The deadline for submissions was November 2017, and it is predicted that the analysis of the plans will take three to five years [6].
It's important to note that cryptography involves the use of cryptographic algorithms for data encryption and decryption. Cryptosystems use a set of techniques for encryption, message authentication, and key exchange [7].
Cryptography plays a significant role in digital forensics, ensuring digital data's confidentiality, integrity, and authenticity, and protecting computer networks from damage, theft, and unauthorized access [8]. Public and private keys are generated for digital signing, verification, and message authentication key exchange [7].
Cryptography is also used in electronic money, blockchain, and cryptocurrency [9]. Encryption is used by operating systems to keep passwords safe, hide sections of the system, and verify that software upgrades are genuine from the manufacturer [10].
Attackers can bypass cryptography by exploiting system flaws such as the usage of default keys. Therefore, it's essential to maintain vigilance and continue developing new, quantum-resistant cryptography standards to stay ahead of potential threats [6].
References:
[1] Online Payments: Security and Privacy. (n.d.). Retrieved from https://www.itgovernance.co.uk/blog/online-payments-security-and-privacy
[2] EMV Chip Cards - How do they work? (n.d.). Retrieved from https://www.emvco.com/emv-technology/what-is-emv/
[3] Quantum-Resistant Cryptography. (n.d.). Retrieved from https://www.nist.gov/itl/cryptography/quantum-resistant-cryptography
[4] Point-to-Point Encryption (P2PE). (n.d.). Retrieved from https://www.pcisecuritystandards.org/security_standards/point/point_to_point_encryption.shtml
[5] PCI DSS Compliance. (n.d.). Retrieved from https://www.pcisecuritystandards.org/
[6] Quantum Computing and Cryptography. (n.d.). Retrieved from https://www.nist.gov/itl/cryptography/quantum-computing-and-cryptography
[7] Cryptography. (n.d.). Retrieved from https://www.britannica.com/topic/cryptography
[8] Digital Forensics. (n.d.). Retrieved from https://www.britannica.com/topic/digital-forensics
[9] Cryptography in Blockchain. (n.d.). Retrieved from https://www.investopedia.com/terms/b/blockchain-cryptography.asp
[10] Encryption. (n.d.). Retrieved from https://www.britannica.com/topic/encryption
Forensic science, particularly in the realm of digital forensics and cyber forensics, is essential for investigating potential cybersecurity breaches and safeguarding against future threats. The field of education-and-self-development plays a crucial role in this arena, as professionals must stay updated with the latest quantum-resistant cryptography standards to combat emerging quantum computing threats. In the world of financial transactions, cryptography has been integrated into various technologies, such as EMV Chip Technology, Point-to-Point Encryption (P2PE), Transport Layer Security (TLS), and quantum-resistant cryptography, all contributing to securing sensitive data during transmission and storage.
