Formal analysis of card-based payment systems in mobile devices

To provide card holder authentication while they are conducting an electronic transaction using mobile devices, VISA and MasterCard independently proposed two electronic payment protocols: Visa 3D Secure and MasterCard Secure Code. The protocols use pre-registered passwords to provide card holder authentication and Secure Socket Layer/ Transport Layer Security (SSL/TLS) for data confidentiality over wired networks and Wireless Transport Layer Security (WTLS) between a wireless device and a Wireless Application Protocol (WAP) gateway. The paper presents our analysis of security properties in the proposed protocols using formal method tools: Casper and FDR2. We also highlight issues concerning payment security in the proposed protocols.