Every second, thousands of credit or debit card transactions are processed in financial institutions. This extensive amount data and its sequential nature make the problem fraud detection particularly challenging. Most analytical strategies used production still based on batch learning, which is inadequate for two reasons: Models quickly become outdated require sensitive storage. The evolving b...

Introduction Asian business has long had a fondness for cash. While the West gravitated toward purchases on credit – through cards or installments – Asia maintained its passion for the tangible. Four-fifths of all transactions in Hong Kong are handled with cash. It is into this environment that Mondex International, the London based purveyor of electronic smart cards, and Visa International, th...

Recent roll-outs of contactless payment infrastructures – particularly in Austria and Germany – have raised concerns about the security of contactless payment cards and Near Field Communication (NFC). There are well-known attack scenarios like relay attacks and skimming of credit card numbers. However, banks and credit card schemes often mitigate these attacks. They explain that attacks are imp...

Recent decades have seen a gigantic expansion in the use of credit cards as a true transactional medium. Data mining is rising as one of the chief features of many homeland security\ initiatives. Often, it is used as a means for detecting fraud, assessing risk, as well as product retailing. Data mining is becoming increasingly common in both the private as well as public sectors. Data mining in...

Near field communication has enabled customers to put their credit cards into a smartphone and use the phone for credit card transaction. But EMV contactless payment allows unauthorized readers to access credit cards. Besides, in offline transaction, a merchant's reader cannot verify whether a card has been revoked. Therefore, we propose an EMV-compatible payment protocol to mitigate the transa...

| Communications networks are traditionally used to bring information together. They can also be used to keep information apart in order to protect personal privacy. A cryptographic protocol speciies a process by which some information is transferred among some users and hidden from others. We show how to implement anonymous credit cards using simple cryptographic protocols. We pose, and solve,...