Modeling and Verification of Payment System 
in E-Banking

Obaid, Iqra; Kazmi, Syed Asad Raza; Qasim, Awais

doi:10.14569/ijacsa.2017.080825

Cited by 4 publications

(4 citation statements)

References 9 publications

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“…Most of the FM works related to classic systems are decades old with fewer works such as use of BAN logic for analysis of mobile payment system [7] or use of SPIN tool for analysis of ATM systems [199] or internet payment systems [277]. In [220] the authors show legal barriers faced by proponents of FM in the domain.…”

Section: Financialmentioning

confidence: 99%

A Survey of Practical Formal Methods for Security

et al. 2022

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In today’s world, critical infrastructure is often controlled by computing systems. This introduces new risks for cyber attacks, which can compromise the security and disrupt the functionality of these systems. It is therefore necessary to build such systems with strong guarantees of resiliency against cyber attacks. One way to achieve this level of assurance is using formal verification, which provides proofs of system compliance with desired cyber security properties. The use of Formal Methods (FM) in aspects of cyber security and safety-critical systems are reviewed in this article. We split FM into the three main classes: theorem proving, model checking and lightweight FM. To allow the different uses of FM to be compared, we define a common set of terms. We further develop categories based on the type of computing system FM are applied in. Solutions in each class and category are presented, discussed, compared and summarised. We describe historical highlights and developments and present a state-of-the-art review in the area of FM in cyber security. This review is presented from the point of view of FM practitioners and researchers, commenting on the trends in each of the classes and categories. This is achieved by considering all types of FM, several types of security and safety-critical systems and by structuring the taxonomy accordingly. The article hence provides a comprehensive overview of FM and techniques available to system designers of security-critical systems, simplifying the process of choosing the right tool for the task. The article concludes by summarising the discussion of the review, focusing on best practices, challenges, general future trends and directions of research within this field.

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Section: Financialmentioning

confidence: 99%

A Survey of Practical Formal Methods for Security

et al. 2022

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“…In particular, in Shi et al (2012), a case study of model checking retail banking system is presented. Obaid et al (2017) verify the integrity and security of payment system in e-banking through model checking. Finally, Zhang et al (2012) focussed on the modelling of online transactions for the verification of the Internet payment system.…”

Section: Related Workmentioning

confidence: 99%

“…In detail, we analyse the applicability of formal verifications to the validation of banking processes mapped within the workflow management systems. The adoption of formal methods in BPM domain is not yet widespread, especially in the banking context (Awad et al , 2008; Arsac et al , 2011; Obaid et al , 2017). The main cause is related to the state explosion problem: systems are often represented with a very large number of states that make difficult or impossible the exploration of this huge state space even for an algorithm running in a linear time in the size of the model.…”

Section: Introductionmentioning

confidence: 99%

BPM perspectives to support ICSs: Exploiting the integration of formal verifications into investment service provision processes

Raucci

Santone

Mercaldo

et al. 2020

IMDS

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PurposeThis paper investigates the criteria for a selective integration, in the multidisciplinary business process management (BPM) areas, between information technologies tools and the company's internal control systems (ICSs) aimed at directing organizational behaviours. Adopting a process-based perspective, the authors propose a formal methodology to increase ICSs aims, related to the segregation of duties (SoDs) models, efficiently and effectively.Design/methodology/approachThe authors examine the applicability of formal verifications to validate a banking process of providing investment services, which is mapped through the workflow management system. To mitigate the state explosion problem of formal methods, the authors propose an efficient methodology that has been proved on the SoDs models in the bank ICSs, as a case study.FindingsThe authors’ investigations suggest that in the BPM domain, the banking ICSs aims can benefit from the aforesaid methodologies, originating from the formal methods area, to increase the reliability and correctness in the design, modelling and implementation of the SoDs models.Originality/valueThe proposed methodology is quite general and can be efficiently applied to large-scale systems in different business contexts or areas of the BPM. Its application to the bank's SoD prevents or detects significant weaknesses, operational risks, excessive risk appetite and other undesirable behaviours in the investment services provision processes. This guarantees that the investment ordered/offered is “suitable and appropriate” with the client's risk profile, especially non-professional, required by the MiFID II Directive.

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“…The time aspect has not been handled in [2] before performing any target. The work of [3], [4], [5] leads to formal specification and verification of interactive real-time software agents (RT Agents). Agents work independently and handle the uncertain scenarios.…”

Section: Introductionmentioning

confidence: 99%

Timed-Arc Petri-Nets based Agent Communication for Real-Time Multi-Agent Systems

Qasim¹,

Kanwal²,

Khalid³

et al. 2019

IJACSA

Self Cite

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This research focuses on Timed-Arc Petri-netsbased agent communication in real-time multi-agent systems. The Agent Communication Language is a standard language for the agents to communicate. The objective is to combine Timed-Arc Petri-nets and FIPA Performatives in real-time multi-agent systems. FIPA standards provide a richer framework for the interaction of agents and makes it easier to develop a well-defined system. It also ensures the management by precisely specifying the agent's interaction. Though FIPA protocol has already been described with the help of Petri-nets but this specification lacks the timing aspect that is a dire need for real-time multi-agent systems. The main objective of this research is to provide a method of modeling existing FIPA performatives by combining Timed-Arc Petri-nets in real-time multi-agent systems. We have used properties, such as liveness, deadlock and reachability for the formal verification of the proposed modeling technique.

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Modeling and Verification of Payment System in E-Banking

Cited by 4 publications

References 9 publications

A Survey of Practical Formal Methods for Security

A Survey of Practical Formal Methods for Security

BPM perspectives to support ICSs: Exploiting the integration of formal verifications into investment service provision processes

Timed-Arc Petri-Nets based Agent Communication for Real-Time Multi-Agent Systems

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