Security of NFC Banking Transactions: Overview on Attacks and Solutions

Abstract

Near Field Communication (NFC) has experienced rapid development in recent years. It is used in several applications, such as electronic payment, key management, ticketing (transport, entertainment), information reading (transport, stores, medicine), access control, electronic business cards, etc. However, the use of this technology poses security problems, especially for contactless-NFC banking transactions with an Automatic Teller Machine (ATM) or a Point of Sale (PoS) machine. In this paper, we first present the most known attacks related to NFC banking transactions and then discuss the main solutions recently proposed to secure NFC banking transactions.