SECURITY AND PRIVACY IN PAYMENTS

In this section, we refer to well-established security and privacy requirements among payment systems. In particular, we define these properties in the context of payment systems and overview the challenges associated with each of them.

Strictly speaking, security in information systems is defined by the combination of information integrity, availability, and confidentiality. In some other contexts, security can be obtained using the combination of authentication, authorization, and identification. As we explain in Section 2.2.1, payment systems require security properties that belong to both security descriptions.

Privacy defines the right of each individual to determine the degree to which it will interact and share information with its environment. Privacy is a fundamental

Figure 2.2 Check-like payment system architecture.

right of individuals and strongly relates to data confidentiality. Namely, providing privacy guarantees in payment systems is of crucial importance, and has been the clear focus of researchers and system developers.

Given this, we discuss privacy/confidentiality of payment systems in Section 2.2.2. In Section 2.2.1, we focus on other security properties of such systems, such as integrity and availability.