Digital Payments Security

There have been more changes in the world of electronic payments in the last 5 years than the previous 50 years put together. Digital currencies and the blockchain have totally pervaded the industry in terms of R&D at least.

Electronic payments are the way we pass value to one another through various technologies based on the following three concepts.

Remote Accounts

Remote  Accounts


Direct Asset Transfer

Direct Asset Transfer


Transfer of Ownership

Transfer of Ownership


microexperts 4-party payment model image

As the account system is the basis of most modern electronic payment methods this is usually referred to as the 4-Party model

The widespread adoption of smart phones has brought electronic payments into everybody’s pocket and the question has to be asked?

How secure is my phone and how safe is my money?

Each of these different payment types operate with different security models but they actually under the bonnet use the same cryptographic techniques.

Confidentiality is always an option for payments and can be achieved by encrypting the data. Often people say they don’t mind their payments being tracked but if you use an account based payment system you have no choice, all your data is tracked.

Data integrity is fundamental to all payment systems and relies on some form of cryptographic checksum being applied to the data to detect unauthorised changes. The blockchain digital currencies have a particularly novel solution which avoids the sharing of secret cryptographic keys.

Authentication techniques must always be implemented when using any remote account based system because the organisation managing the account must be sure it’s you before accepting instructions.

Digital currency systems are cryptographically the most challenging particularly when operating offline. Any failure here would lead to the unauthorised creation of money.

microexperts 4-party payment model image

We listen and advise on the best way forward.

At Microexpert we specialise in the cryptographic security of payment systems and can provide consultancy and development on the following:

  • Mobile Payment Security
  • Digital Currency
  • Central Bank Digital Currency
  • Blockchain Technology

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