Formal Methods for Modern Payment Protocols
MBZUAI ·
Researchers at ETH Zurich have formalized models of the EMV payment protocol using the Tamarin model checker. They discovered flaws allowing attackers to bypass PIN requirements for high-value purchases on EMV cards like Mastercard and Visa. The team also collaborated with an EMV consortium member to verify the improved EMV Kernel C-8 protocol. Why it matters: This research highlights the importance of formal methods in identifying critical vulnerabilities in widely used payment systems, potentially impacting financial security for consumers in the GCC region and worldwide.