FEIPS: A Secure Fair-Exchange Payment System for Internet Transactions

Abstract

In order to be considered secure, a payment system needs to address a number of security issues. Besides fundamental security requirements, like confidentiality, data integrity, authentication and non-repudiation, another important requirement for a secure payment system is fair exchange. Many existing payment protocols require that customers must pay for products before their delivery (in the case of delivery of digital goods) or the delivery of the receipt (in the case of delivery of physical goods). This unfair situation should be eliminated afterwards, that is, it is necessary to rebalance fairness for customers. In order to address these issues, we propose the Fair Exchange Internet Payment Protocol (FEIPS). The FEIPS protocol is designed for the payment of physical goods and falls into the category that uses a trusted third party for assuring fair-exchange. Although FEIPS has a strong emphasis on fair exchange, it still guarantees strong security properties, including confidentiality, data integrity, authentication and non-repudiation. The FEIPS protocol is designed to be simple and practical, unlike other similar protocols designed for the payment of physical goods. To demonstrate that FEIPS satisfies the desired properties, we perform a formal verification using the HLPSL language and the AVISPA tool.

A Blockchain-Based Privacy-Preserving and Fair Data Transaction Model in IoT

“…However, these mechanisms do not adequately address the fair payment issue between trading parties. Djuric et al [23] propose the Fair Exchange Internet Payment Protocol (FEIPS) for the payment of physical goods. Although FEIPS has a strong emphasis on fair exchange, it still guarantees strong security properties, including confidentiality, data integrity, authentication, and non-repudiation.…”

An Analysis of Transactions in E-Payment System Using Mobile Agents

“…For example, in Nigeria, the financial transaction switching companies include In-terSwitch Limited, Cards Technology Limited (CTL) in conjunction with MasterCard International, e-Transact and ValuCard in collaboration with VISA International, etc. (APACS, 2002;Benou, 2010;Duric et al, 2007;Sheng et al, 2004;Aron, 2015;Zhu et al, 2019). Interswitch remains the dominant of all.…”

Research on E-commerce Payment Security and Privacy Protection Based on Improved B2C Model

“…Although the traditional B2C mode uses the third-party payment platform to ensure the security of payment, there are the following shortcomings in the practical application [10]: (1) the seller is eager to deliver the goods after receiving the order and may fail to confirm the buyer's payment information; (2) after the seller sends out the goods, the buyer may cancel the order due to malicious or unexpected factors, resulting in the seller's loss of money and goods; (3) the seller delivers the goods, the logistics platform shows that the buyer has received the goods, but the buyer does not actually receive the goods; (4) the buyer's order information can be found in the three platforms in the circulation process, which increases the risk of privacy disclosure.…”

“…Different from the traditional offline business activities, the emerging e-commerce is based on the Internet, and most transactions, except for special requirements, do not need cash. Whether it is online or offline business operation, it is crucial to protect the information security of both sides of transaction [2]. In particular, online e-commerce does not need face-to-face communication like offline commerce, so both sides of the transaction can not confirm the true identity of the other party, increasing the risk of information disclosure.…”