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Last updated on 2024年6月29日

How can cryptography protect sensitive payment data?

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Payment systems are essential for online transactions, but they also expose sensitive data to various risks, such as fraud, identity theft, and cyberattacks. How can cryptography protect your payment data and ensure its integrity, confidentiality, and authenticity? In this article, we will explore some of the key concepts and techniques of cryptography for payment systems, and how they can help you secure your online payments.

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Cecelia Vallance

Digital Transformation | Payments | Customer Experience | Innovation

1 What is cryptography?

Cryptography is the science and art of designing and using codes, ciphers, and algorithms to protect information from unauthorized access, modification, or disclosure. Cryptography can be applied to various types of data, such as text, images, audio, video, or numbers. Cryptography can also be used to verify the identity and authenticity of the sender and the receiver of the data, and to ensure that the data has not been tampered with during transmission or storage.

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Sadiq Nagero

Chief Executive Officer @ Quantum AI | Marketing with AI integration
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Cryptography is a form of algorithmic mathematical protection for transactions by encoding the information being exchanged, making it unreadable to unauthorized parties. This is achieved through encryption, where data is transformed into a coded format using cryptographic algorithms. The intended recipient can decode and understand the information with the corresponding decryption key. This ensures confidentiality, integrity, and authenticity of the transaction data, making it difficult for hackers to intercept, alter, or impersonate the parties involved in the transaction.

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Toni Roca Tormos

Consultor y divulgador de pagos | Asesor Financiero
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La criptografía es una práctica que consiste en proteger información mediante el uso de algoritmos codificados, hashes y firmas.

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Sergio Alegría

Product Owner | Digital Payments | Change Hacker | Transformación Digital | Fintech |
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Protección de Datos en Movimiento y en Reposo: Imagina que envías una carta muy importante. El cifrado asegura que, aunque alguien intercepte esa carta mientras se envía o la encuentre en su destino, no pueda leerla sin una clave especial. Verificación de Identidad y Seguridad de la Información: Las firmas digitales son como una firma de pu?o y letra en un documento importante, asegurando que quien envía la información es quien dice ser y que el contenido no ha sido alterado. Sustitución y Enmascaramiento de Datos Sensibles: La tokenización es como usar fichas en lugar de dinero real en un casino. Aunque se pierdan las fichas, no hay forma de convertirlas en dinero real sin el sistema adecuado.

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Mohamed Abdallah

B2B Marketing Expert | Fintech Trends Enthusiast | E-Payments Expert | B2B Content Creator and Brand Builder | Brand Communication | Communications Strategist & Consultant.
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Digital signatures ensure that the payment data comes from a legitimate source and has not been altered. They provide proof of origin and integrity, making it difficult for the sender to deny the transaction (non-repudiation).

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Mohamed Abdallah

B2B Marketing Expert | Fintech Trends Enthusiast | E-Payments Expert | B2B Content Creator and Brand Builder | Brand Communication | Communications Strategist & Consultant.
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PKI helps establish trust between parties by validating the authenticity of the keys through a trusted Certificate Authority (CA).

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2 How does cryptography work for payment systems?

Payment systems typically use two main types of cryptography: symmetric and asymmetric. Symmetric cryptography uses the same key to encrypt and decrypt the data, while asymmetric cryptography uses a pair of keys: a public key and a private key. The public key can be shared with anyone, but the private key is kept secret by the owner. The public key can be used to encrypt the data, but only the private key can decrypt it, and vice versa.

Symmetric cryptography is faster and simpler than asymmetric cryptography, but it requires a secure way to exchange the key between the parties. Asymmetric cryptography does not need a shared key, but it is slower and more complex than symmetric cryptography. Therefore, payment systems often use a combination of both types of cryptography, such as using asymmetric cryptography to exchange a symmetric key, and then using symmetric cryptography to encrypt and decrypt the payment data.

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Toni Roca Tormos

Consultor y divulgador de pagos | Asesor Financiero
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La criptografía de pagos permite la importación de criptogramas y bloques de claves con claves simétricas o públicas protegidas por una clave de cifrado de clave privada (KEK) igual o más segura que la clave protegida para la importación.

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3 What are some examples of cryptographic techniques for payment systems?

Cryptographic techniques are commonly used in payment systems to protect data from unauthorized access and modification. Encryption is the process of transforming the data into an unreadable form using a key, while decryption is the process of reversing the encryption and restoring the data to its original form. Hashing is used to generate a fixed-length and unique string of characters from the data, and can be used to verify the integrity and authenticity of the data. Lastly, digital signatures are used to sign the data with the private key of the sender and verify it with the public key of the receiver, proving both identity and authenticity. For example, encryption can be used to protect your credit card number when you make an online purchase, while hashing can create a digital fingerprint of your payment data, and digital signatures can confirm that a transaction request is coming from a valid source.

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Otumiseng Sebego

Technical Consultant at Stanchion Payment Solutions || Payment Systems
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Encryption and Decryption Cryptographic Hash Functions Digital Signatures Public Key Infrastructure (PKI) Blockchain and Cryptocurrencies Tokenization

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4 What are some benefits of cryptography for payment systems?

Cryptography can offer numerous advantages to payment systems, such as security, privacy, and trust. It can protect payment data from unauthorized access, modification, or disclosure, as well as reduce the risk of fraud and identity theft. Cryptography also helps to comply with industry security standards and regulations, such as PCI DSS, GDPR, and PSD2. Moreover, it can protect personal and financial information from being exposed or misused by third parties. Furthermore, cryptography can help to anonymize or pseudonymize payment data and limit the amount and type of data shared with the payment system. Finally, it can enhance the trust between you and the payment system, as well as between the payment system and its partners. It can also help verify the identity and authenticity of parties involved in the payment transaction, ensuring that it is valid and authorized.

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Otumiseng Sebego

Technical Consultant at Stanchion Payment Solutions || Payment Systems
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Some of the key benefits for cryptography in payment systems include the following, in my opinion: Authentication Privacy/confidentiality Integrity Non-repudiation

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Toni Roca Tormos

Consultor y divulgador de pagos | Asesor Financiero
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Debe de garantizarse que nadie que no deba ver los datos inherentes al pago lo pueda hacer. Y para ello deben especialmente tenerse en cuenta las directrices que tiene fijadas PCI-DSS, que es la directiva de seguridad que fija PCI Council, es decir, el organismo que aglutina a los principales actores en la industria de pagos.

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5 What are some challenges of cryptography for payment systems?

Cryptography is not a perfect solution, and it also poses some challenges for payment systems. It can be complex, difficult to understand and implement, and require specialized knowledge, skills, and tools. Cryptography can also be costly and resource-intensive, as it requires additional hardware, software, and infrastructure. Furthermore, it can affect the performance and speed of the payment system due to its processing time and overhead. Additionally, cryptography is subject to various legal and regulatory frameworks, as well as ethical and social issues regarding security and privacy, access to cryptographic keys, and the accountability of cryptographic actors.

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Cecelia Vallance

Digital Transformation | Payments | Customer Experience | Innovation
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The fundamental to any cryptography solution is the trust between the parties exchanging data. From cryptocurrencies, to blockchain, card schemes and government regulation, trust between the cryptographic actors has always been the foundation. That is not to say that cryptographic technology is unimportant, just that it must be founded in a defined trust model for all involved.

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Toni Roca Tormos

Consultor y divulgador de pagos | Asesor Financiero
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La criptografía actual tiene como reto ser duradera y mantener la seguridad en un entorno tecnológico de evolución constante, donde la computación cuántica y la inteligencia artificial IA hacen que cada vez sea más sencillo romper los códigos de cifrado, y donde debe de invertirse más y mejor para que todos los datos sigan estando a buen recaudo.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can cryptography protect sensitive payment data?

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6

1 What is cryptography?

2 How does cryptography work for payment systems?

3 What are some examples of cryptographic techniques for payment systems?

4 What are some benefits of cryptography for payment systems?

5 What are some challenges of cryptography for payment systems?

6 Here’s what else to consider

Payment Systems

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How can cryptography protect sensitive payment data?

1

2

3

4

5

6

1 What is cryptography?

2 How does cryptography work for payment systems?

3 What are some examples of cryptographic techniques for payment systems?

4 What are some benefits of cryptography for payment systems?

5 What are some challenges of cryptography for payment systems?

6 Here’s what else to consider

Payment Systems

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