UEPS — A second generation electronic wallet
UEPS, the Universal Electronic Payment System, is an electronic funds transfer product which is well suited to developing country environments, where poor telecommunications make offline operation necessary. It is designed around smartcard based electronic wallet and chequebook functions: money is loaded from the bank, via bank cards, to customer cards, to merchant cards, and finally back to the bank through a clearing system. This architecture is uniquely demanding from the point of view of security.
As far as we are aware, UEPS is the first live financial system whose authentication protocol was designed and verified using formal analysis techniques. This was achieved using an extension of the Burrows-Abadi-Needham [BAN] logic, and raises some interesting questions: firstly, such formal logics had been thought limited in scope to verifying mutual authentication or key sharing [GKSG]; secondly, our work has found hidden assumptions in BAN, and a problem with the postulates of the Gong-Needham-Yahalom logic [GNY], both concerning freshness; thirdly, we highlight the need for a formalism to deal with cryptographic chaining; and fourthly, this type of formal analysis turns out to be so useful that we believe it should be routine for financial and security critical systems.
KeywordsSmart Card Mutual Authentication Bank Card Electronic Fund Transfer Transaction Protocol
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