Direct Debit Transactions: A Comprehensive Analysis of Emerging Attack Patterns

—In the recent years payment systems in Europe are evolved to a new scenario where transactions and retail payments take place according to the SEPA (Single Euro Payments Area) Regulation. SEPA is an initiative of the European banking industry aiming at making all electronic payments across the Euro area – e.g. by credit card, debit card, bank transfer or direct debit – as easy as domestic payments currently are. One of the payment schemes defined by the SEPA mandate is the SEPA Direct Debit (SDD) that allows a creditor (biller) to collect funds from a debtor’s (payer’s) account, provided that a signed mandate has been granted by the payer to the biller. Thanks to SDD consumers can make and receive no-cash euro payments with a single set of instructions and a single bank account. It is apparent that the use of this standard scheme facilitates the access to new markets by enterprises and public administrations and allows for a substantial cost reduction. However, the other si...

• Type: Journal
• Year: 2015
• Where: 3PGCIC
• Keywords: 3PGCIC 2015, Distributed And Parallel Computing