Abadi, Aydin;
Murdoch, Steven;
(2022)
Payment with Dispute Resolution: A Protocol For Reimbursing Frauds' Victims.
(Paper 2022/107
).
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Abstract
An "Authorised Push Payment" (APP) fraud refers to the case where fraudsters deceive a victim to make payments to bank accounts controlled by them. The total amount of money stolen via APP frauds is swiftly growing. Although regulators have provided guidelines to improve victims' protection, the guidelines are vague and the victims are not receiving sufficient protection. To facilitate victims' reimbursement, in this work, we propose a protocol called "Payment with Dispute Resolution" (PwDR) and formally define it. The protocol lets an honest victim prove its innocence to a third-party dispute resolver while preserving the protocol participants' privacy. It makes black-box use of a standard online banking system. We evaluate its asymptotic cost and runtime via a prototype implementation. Our evaluation indicates that the protocol is efficient. It imposes only O(1) overheads to the customer and bank. Also, it takes a dispute resolver 0.09 milliseconds to settle a dispute between the two parties.
| Type: | Report |
|---|---|
| Title: | Payment with Dispute Resolution: A Protocol For Reimbursing Frauds' Victims |
| Open access status: | An open access version is available from UCL Discovery |
| Publisher version: | https://eprint.iacr.org/2022/107 |
| Language: | English |
| Additional information: | This work is licensed under an Attribution 4.0 International License (CC BY 4.0). |
| Keywords: | Payment fraud, cryptographic protocol, smart contract, Authorised push payment fraud |
| UCL classification: | UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science UCL > Provost and Vice Provost Offices > UCL BEAMS UCL |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10153742 |
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