Your Money or Your Life—Modeling and Analyzing the Security of Electronic Payment in the UC Framework

EMV, also known as Chip and PIN, is the world-wide standard for card-based electronic payment. Its security wavers: over the past years, researchers have demonstrated various practical attacks, ranging from using stolen cards by disabling PIN verification to cloning cards by pre-computing transaction data. Most of these attacks rely on violating certain unjustified and not explicitly stated core assumptions upon which EMV is built, namely that the input device (e.g. the ATM) is trusted and all communication channels are non-interceptable. In addition, EMV lacks a comprehensive formal description of its security.