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Introduction
Payments made by electronic methods, known as EFT or Electronic Funds Transfers range from multi-million pounds or dollars transferred between banks down to the small values paid in shops. Electronic payments in shops are called EFT/PoS or Electronc Funds Transfer at the point of sale. PoS can be interpreted as Point of Service where service includes the sale of goods. EFT/PoS schemes present interesting and somewhat difficult problems of security which are the subject of this essay.
Consider a way in which an EFT/PoS transaction progresses. ... Consequently from a security point of view the use of a PIN is preferable. The EFT/PoS schemes described in this chapter have been devised for use with a PIN as card holder authentication. ... The security objectives for an EFT/PoS transaction with PIN, and an ATM are identical but the problems of providing security are very different.
An EFT/PoS card is a debit card which depends on funds being present and debits the cardholders account before crediting that of the shopkeeper.
Approximate Word count = 863
Approximate Pages = 3.5
(250 words per page double spaced)
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