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New York University (NYU)

Mobile Payment Security

New York University (NYU) via edX


This course provides details on how card payments are processed, including differences between older ‘magnetic stripe’ transactions and newer EMV (or ‘chip’) based transactions. Using this as a base, the course outlines specifically how payment solutions are being implemented around the world on smartphones and mobile devices, the differences between mobile acceptance and mobile issuance, and how other types of payment methods and payment processes may be implemented on these devices. This includes discussions of tokenization and token service providers, their relationship to financial institutions and merchants, as well as card transactions using card readers, contactless payments, and the rise of mobile apps, mobile wallets, and the ledger systems that are often used to manage these processes. Topics of mobile security, security standards, cryptography, protection of sensitive data, potential data breaches, malware, and key management are touched upon at a high level, but primary focus is provided to the mobile payments eco-system and implementations.


Week 1: Payments Overview

  • Payment Fundamentals
    • Evolution of Payments
    • How a Payment is Processed
    • Payment Authentication and Settlement
  • EMV and Current Cardholder Authentication
    • EMV and Why It’s Needed
    • EMV Transaction Authentication
    • Cardholder Authentication

Week 2: Introduction to Mobile Payments

  • Mobile Payments Overview
    • Mobile Payments Defined
    • Mobile EMV Issuance
    • Tokenization
    • Mobile Issuance Walkthrough
  • Challenges & Standards
    • Payment Standards & Mobile Payment Challenges
    • Mobile Payment Standards & Reducing PAN Use

Week 3: Payment Problems, Threat Models, and Attacks

  • Threat Modeling
    • Threat Modeling Refresher
    • Payment Threat Models
    • Detailed Attacks on Payment Systems
  • Potential Mobile Issues
    • Mobile Device Security
  • Fixing the Issues
    • Securing Mobile Payments
    • Securing Enrollment & Implementation
    • Mobile Acquiring Walkthrough

Week 4: The Future of Payments

  • Current Trends
    • Current Changes Driving Payments
    • Paying for Payments: Interchange
    • ISO8583 vs ISO 20022
  • Issues for Now and the Future
    • Online Payments vs In-store Payments
    • New Forms of Payments
    • Shared Ledger
    • Managing New Forms of Fraud

Taught by

Andrew Jamieson


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