Q.1) Compare Electronic Fund Transferring (EFT) with Electronic Check System (ECS).
Electronic Check System (ECS). The counterpart of electronic wallet To be integrated with the accounting information system of business buyers and with the payment server of sellers To save the electronic invoice and receipt of payment in the buyers and sellers computers for future retrieval Example: SafeCheck Used mainly in B2B Essentially, an eCheck, or electronic check, is a form of online payment where the money is electronically withdrawn from the payer’s checking account, transferred over the ACH network and deposited into the payee’s checking account. Parameter of Comparison EFT ECS Transaction details EFT is used to transfer huge amounts and the transaction is secure. ECS can transfer debit and credit operations which may or may not be a huge sum. Frequency Since EFT transactions occur for larger amounts, the frequency of transactions are minimum. ECS transactions are generally frequent. They may happen regularly. Remoteness EFT is used for distant transactions which may be inter-state and interdistrict. ECS occurs for nearby transactions. Transaction delay The transaction occurs in batches. The transaction takes a few days to get completed. Transaction Charges EFT charges can differ from the amount that is being transacted. The charges vary accordingly. There is no transaction the charge associated with ECS and customers can avail of this feature free of cost.
Q.2) How security requirements are implemented in the architecture of set protocol?
Sender’s Computer
1. The message is hashed to a prefixed length of the message digest.
2. The message digest is encrypted with the sender’s private signature key, and a digital signature is created.
3. The composition of the message, digital signature, and Sender’s certificate is encrypted with the symmetric key which is generated at the sender’s computer for every transaction. The result is an encrypted message. The SET protocol uses the DES algorithm instead of RSA for encryption because DES can be executed much faster than RSA.
4. The Symmetric key itself is encrypted with the receiver’s public key which was sent to the sender in advance. The result is a digital envelope. Receiver’s Computer The encrypted message and digital envelope are transmitted to the receiver’s computer via the Internet.
6. The digital envelope is decrypted with the receiver’s private exchange key.
7. Using the restored symmetric key, the encrypted message can be restored to the message, digital signature, and sender’s certificate.
8. To confirm the integrity, the digital signature is decrypted by the sender’s public key, obtaining the message digest.
9. The delivered message is hashed to generate a message digest.
10. The message digests obtained by steps 8 and 9 respectively are compared by the receiver to confirm whether there was any change during the transmission. This step confirms integrity.
Q.3) Explain the working and application of a contactless smart card.
• Contactless Smart Card: This type of smart card communicates with the reader without any physical contact. Rather it consists of an antenna with which it is used to communicate using Radio Frequency band with the antenna on the reader. It usually receives power from the reader via the electromagnetic signal. A Contactless Smart Card
2 Types of Smart Cards based on their Functionalities and Configuration
• Memory Cards: These are cards that only consist of memory circuits. It can only store, read, and write data to a particular location. The data cannot be processed or manipulated. It can be a straight memory card that is only used to store data or a protected memory card with restricted access to the memory and which can be used to write data. It can also be rechargeable or a disposable card which contains memory units that can be used only once. A Memory Smart Card
• Microprocessor-Based Cards: These cards consist of microprocessors embedded onto the chip in addition to the memory blocks. It also consists of specific sections of files with each file associated with a particular function. The data in files and the memory allocation is managed via an operating system which can be a fixed operating system or dynamic operating system. It allows for data processing and manipulations and can be used for multi-functioning.
Microprocessor-Based Smart Card Application Of Contactless Smart Card
• Telecommunications: The most prominent use of smart card technology is in the development of the SIM card or Subscriber Identity Module. A SIM card provides unique identification to each subscriber and provides network access to each subscriber and manages its authentication. A SIM Card
• Domestic: The most frequently used smart card in the domestic field is the DTH smart card. This card provides authorized access to the information coming from the satellites. In simple words the card with which we can get access to the Direct to Home TV services is nothing but a smart card. The information is encrypted and decrypted within a smart card. A basic DTH System with the Smart Card
• Ecommerce and Retail: Smart card can be used to store information like a person’s account details, the transaction details and can be used in purchasing goods online by acting as a credit card. Some retailers can also use smart cards to store points for a particular customer and provide necessary incentives to repeated customers.
• Banking Application: The most prominent use of smart cards in banking applications is the replacement of the traditional magnetic stripe based credit or debit card. An example is the MasterCard and VISA
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