Overclocking is a a supported functionality of Nvidia GPUs, and is a common performance enhancement practice. However, overclocking poses a danger for cryptographic applications. As the temperature in the overclocked GPU increases, spurious computation faults occur. Coupled with well known fault attacks against RSA implementations, one can expect such faults to allow compromising RSA private keys during decryption or signing. We first validate this hypothesis: We evaluate two...

In the digital age, the concept of consent for online actions executed by third parties is crucial for maintaining trust and security in third-party services. This work introduces the notion of cryptographically secure digital consent, which aims to replicate the traditional consent process in the online world. We provide a flexible digital consent solution that accommodates different use cases and ensures the integrity of the consent process. The proposed framework involves a client...

Quantum information allows us to build quantum money schemes, where a bank can issue banknotes in the form of authenticatable quantum states that cannot be cloned or counterfeited: a user in possession of k banknotes cannot produce k +1 banknotes. Similar to paper banknotes, in existing quantum money schemes, a banknote consists of an unclonable quantum state and a classical serial number, signed by bank. Thus, they lack one of the most fundamental properties cryptographers look for in a...

Offline payments present an opportunity for central bank digital currency to address the lack of digital financial inclusion plaguing existing digital payment solutions. However, the design of secure offline payments is a complex undertaking; for example, the lack of connectivity during the payments renders double spending attacks trivial. While the identification of double spenders and penal sanctions may curb attacks by individuals, they may not be sufficient against concerted efforts by...

Distributed point functions (DPF) are increasingly becoming a foundational tool with applications for application-specific and general secure computation. While two-party DPF constructions are readily available for those applications with satisfiable performance, the three-party ones are left behind in both security and efficiency. In this paper we close this gap and propose the first three-party DPF construction that matches the state-of-the-art two-party DPF on all metrics. Namely, it...

Digital signatures are fundamental building blocks in various protocols to provide integrity and authenticity. The development of the quantum computing has raised concerns about the security guarantees afforded by classical signature schemes. CRYSTALS-Dilithium is an efficient post-quantum digital signature scheme based on lattice cryptography and has been selected as the primary algorithm for standardization by the National Institute of Standards and Technology. In this work, we present a...

We present Scloud+, an LWE-based key encapsulation mechanism (KEM). The key feature of Scloud+ is its use of the unstructured-LWE problem (i.e., without algebraic structures such as rings or modules) and its incorporation of ternary secrets and lattice coding to enhance performance. A notable advantage of the unstructured-LWE problem is its resistance to potential attacks exploiting algebraic structures, making it a conservative choice for constructing high-security schemes. However, a...

This article presents an innovative project for a Central Bank Digital Currency (CBDC) infrastructure. Focusing on security and reliability, the proposed architecture: (1) employs post-quantum cryptography (PQC) algorithms for long-term security, even against attackers with access to cryptographically-relevant quantum computers; (2) can be integrated with a Trusted Execution Environment (TEE) to safeguard the confidentiality of transaction contents as they are processed by third-parties; and...

To securely transmit sensitive information into the future, Time-Lock Puzzles (TLPs) have been developed. Their applications include scheduled payments, timed commitments, e-voting, and sealed-bid auctions. Homomorphic TLP is a key variant of TLP that enables computation on puzzles from different clients. This allows a solver/server to tackle only a single puzzle encoding the computation's result. However, existing homomorphic TLPs lack support for verifying the correctness of the...

Threshold signatures enable any subgroup of predefined cardinality $t$ out of a committee of $n$ participants to generate a valid, aggregated signature. Although several $(t,n)$-threshold signature schemes exist, most of them assume that the threshold $t$ and the set of participants do not change over time. Practical applications of threshold signatures might benefit from the possibility of updating the threshold or the committee of participants. Examples of such applications are...

Banks publish daily a list of available securities/assets (axe list) to selected clients to help them effectively locate Long (buy) or Short (sell) trades at reduced financing rates. This reduces costs for the bank, as the list aggregates the bank's internal firm inventory per asset for all clients of long as well as short trades. However, this is somewhat problematic: (1) the bank's inventory is revealed; (2) trades of clients who contribute to the aggregated list, particularly those deemed...

In recent years, the number of third-party services that can access highly-sensitive data has increased steadily, e.g., in the financial sector, in eGovernment applications, or in high-assurance identity services. Protocols that enable this access must provide strong security guarantees. A prominent and widely employed protocol for this purpose is the OpenID Foundation's FAPI protocol. The FAPI protocol is already in widespread use, e.g., as part of the UK's Open Banking standards and...

Money laundering is a serious financial crime where criminals aim to conceal the illegal source of their money via a series of transactions. Although banks have an obligation to monitor transactions, it is difficult to track these illicit money flows since they typically span over multiple banks, which cannot share this information due to privacy concerns. We present secure risk propagation, a novel efficient algorithm for money laundering detection across banks without violating privacy...

Central Bank Digital Currencies refer to the digitization of lifecycle's of central bank money in a way that meets first of a kind requirements for transparency in transaction processing, interoperability with legacy or new world, and resilience that goes beyond the traditional crash fault tolerant model. This comes in addition to legacy system requirements for privacy and regulation compliance, that may differ from central bank to central bank. This paper introduces a novel framework for...

Central banks around the world are actively exploring the issuance of retail central bank digital currency (rCBDC), which is widely seen as a key upgrade of the monetary system in the 21st century. However, privacy concerns are the main impediment to rCBDC’s development and roll-out. A central bank as the issuer of rCBDC would typically need to keep a digital ledger to record all the balances and transactions of citizens. These data, when combined with other data, could possibly disclose the...

Cryptocurrency exchange platforms such as Coinbase, Binance, enable users to purchase and sell cryptocurrencies conveniently just like trading stocks/commodities. However, because of the nature of blockchain, when a user withdraws coins (i.e., transfers coins to an external on-chain account), all future transactions can be learned by the platform. This is in sharp contrast to conventional stock exchange where all external activities of users are always hidden from the platform. Since the...

Recently, with the increasing interest in Central Bank Digital Currency (CBDC), many countries have been working on researching and developing digital currency. The most important reasons for this interest are that CBDC eliminates the disadvantages of traditional currencies and provides a safer, faster, and more efficient payment system. These benefits also come with challenges, such as safeguarding individuals’ privacy and ensuring regulatory mechanisms. While most researches address the...

Due to the significant development of the intelligence industry worldwide, various initiatives have increasingly recognized the value of the Internet of Things (IoT). IoT systems, however, are often hin- dered by fundamental challenges, such as the need for a central server to manage them. Decentralizing these systems can be achieved through the use of blockchains. Recently, there has been an increase in the popularity of blockchain in various fields, such as banking, IoT, and the...

Central Bank Digital Currency (CBDC) is in the phase of discussion in most of countries. In this paper, we consider the security issues of centralized retail CBDC. Our focus is on the design and analysis of the underlying cryptographic protocol. The main security requirements against the protocol are transaction anonymity and protection against tax evasion. The protocol provides security guarantees in case of the strongest model of an execution environment which is the general concurrent...

Inventory matching is a standard mechanism for trading financial stocks by which buyers and sellers can be paired. In the financial world, banks often undertake the task of finding such matches between their clients. The related stocks can be traded without adversely impacting the market price for either client. If matches between clients are found, the bank can offer the trade at advantageous rates. If no match is found, the parties have to buy or sell the stock in the public market, which...

The security of cryptographic primitives is an important issue. The Shor algorithm illustrates how quantum attacks threaten the security of these widely used primitives. Code-based cryptography is one of several approaches resistant to quantum attacks. To date, no attack has been able to break a code-based cryptosystem in polynomial time. Despite this level of security, these cryptosystems have not been considered for practical applications such as e-commerce, medical and industrial IoT,...

In a recent presentation, we promoted the use of 12-round instances of Keccak, collectively called “TurboSHAKE”, in post-quantum cryptographic schemes, but without defining them further. The goal of this note is to fill this gap: The definition of the TurboSHAKE family simply consists in exposing and generalizing the primitive already defined inside KangarooTwelve.

Privacy-preserving transaction systems on blockchain networks like Monero or Zcash provide complete transaction anonymity through cryptographic commitments or encryption. While this secures privacy, it inhibits the collection of statistical data, which current financial markets heavily rely on for economic and sociological research conducted by central banks, statistics bureaus, and research companies. Differential privacy techniques have been proposed to preserve individuals' privacy while...

Cryptocurrencies are used in several, distinct use cases, thereby sustaining the existence of many ledgers that are heterogeneous in terms of design and purpose. In addition, the interest of central banks in deploying Central Bank Digital Currency (CBDC) has spurred a blooming number of conceptually different proposals from central banks and academia. As a result of the diversity of cryptocurrency and CBDC ledgers, interoperability, i.e., the seamless transfer of value between users that...

Privacy-preserving neural network based on secure multi-party computation (MPC) enables multiple parties to jointly train neural network models without revealing sensitive data. In privacy-preserving neural network, the high communication costs of securely computing non-linear functions is the primary performance bottleneck. For commonly used non-linear functions, such as ReLU, existing work adopts an offline-online computation paradigm and utilizes distributed comparison function (DCF) to...

Authentication is the first, crucial step in securing digital assets like cryptocurrencies and online services like banking. It relies on principals maintaining exclusive access to credentials like cryptographic signing keys, passwords, and physical devices. But both individuals and organizations struggle to manage their credentials, resulting in loss of assets and identity theft. In this work, we study mechanisms with back-and-forth interaction with the principals. For example, a...

Public verification of quantum money has been one of the central objects in quantum cryptography ever since Wiesner's pioneering idea of using quantum mechanics to construct banknotes against counterfeiting. So far, we do not know any publicly-verifiable quantum money scheme that is provably secure from standard assumptions. In this work, we provide both negative and positive results for publicly verifiable quantum money. **In the first part, we give a general theorem, showing that a...

Off-chain payment channels were introduced as one of the solutions to the blockchain scalability problem. The channels shape a network, where parties have to lock funds for their creation. A channel is expected to route a limited number of transactions before it becomes unbalanced, when all of the funds are devoted to one of the parties. Since an on-chain transaction is often necessary to establish, rebalance, or close a channel, the off-chain network is bounded to the throughput of the...

In recent years, many major economies have paid close attention to central bank digital currency (CBDC). As an optional attribute of CBDC, dual offline transaction is considered to have great practical value under the circumstances for payment without network connection. However, there is no public report or paper on how to securely design or implement the dual offline transaction function specifically for CBDC. In this paper, we propose DOT-M, a practical dual offline transaction scheme...

Central Bank Digital Currencies (CBDCs) aspire to offer a digital replacement for physical cash and as such need to tackle two fundamental requirements that are in conflict. On the one hand, it is desired they are private so that a financial “panopticon” is avoided, while on the other, they should be regulation friendly in the sense of facilitating any threshold-limiting, tracing, and counterparty auditing functionality that is necessary to comply with regulations such as Know Your Customer...

We present UnTraceable Transactions (UTT), a system for decentralized ecash with accountable privacy. UTT is the first ecash system that obtains three critical properties: (1) it provides decentralized trust by implementing the ledger, bank, auditor, and registration authorities via threshold cryptography and Byzantine Fault Tolerant infrastructure; (2) it balances accountability and privacy by implementing anonymity budgets: users can anonymously send payments, but only up to a limited...

Quantum tokenized signature schemes (Ben-David and Sattath, QCrypt 2017) allow a sender to generate and distribute quantum unclonable states which grant their holder a one-time permission to sign in the name of the sender. Such schemes are a strengthening of public-key quantum money schemes, as they imply public-key quantum money where some channels of communication in the system can be made classical. An even stronger primitive is semi-quantum tokenized signatures, where the sender is...

In light of continued innovation in money and payments, many central banks are exploring the creation of a central bank digital currency (CBDC), a new form of central bank money which supplements existing central bank reserve account balances and physical currency. This paper presents Hamilton, a flexible transaction processor design that supports a range of models for a CBDC and minimizes data storage in the core transaction processor by storing unspent funds as opaque hashes. Hamilton...

Thousands of digital money protocols compete for attention; the vast majority of them are a minor variation of the Satoshi Nakamoto 2008 proposal. It is time to extract the underlying principles of the Bitcoin revolution and re-assemble them in a way that preserves its benefits and gets rid of its faults. BitMint*LeVeL is a move in this direction. It upholds the fundamental migration of money from hidden bank accounts to cryptographically protected publicly exposed digital coins; it enables...

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)...

Due to the popularity of blockchain-based cryptocurrencies, the increasing digitalization of payments, and the constantly reducing role of cash in society, central banks have shown an increased interest in deploying central bank digital currencies (CBDCs) that could serve as a digital cash-equivalent. While most recent research on CBDCs focuses on blockchain technology, it is not clear that this choice of technology provides the optimal solution. In particular, the centralized trust model of...

Quantum money is a main primitive in quantum cryptography, that enables a bank to distribute to parties in the network, called wallets, unclonable quantum banknotes that serve as a medium of exchange between wallets. While quantum money suggests a theoretical solution to some of the fundamental problems in currency systems, it still requires a strong model to be implemented; quantum computation and a quantum communication infrastructure. A central open question in this context is whether we...

The construction of public key quantum money based on standard cryptographic assumptions is a longstanding open question. Here we introduce franchised quantum money, an alternative form of quantum money that is easier to construct. Franchised quantum money retains the features of a useful quantum money scheme, namely unforgeability and local verification: anyone can verify banknotes without communicating with the bank. In franchised quantum money, every user gets a unique secret verification...

This paper describes Djed, an algorithmic stablecoin protocol that behaves like an autonomous bank that buys and sells stablecoins for a price in a range that is pegged to a target price. It is crypto-backed in the sense that the bank keeps a volatile cryptocurrency in its reserve. The reserve is used to buy stablecoins from users that want to sell them. And revenue from sales of stablecoins to users are stored in the reserve. Besides stablecoins, the bank also trades reservecoins in order...

Machine Learning (ML) algorithms, especially deep neural networks (DNN), have proven themselves to be extremely useful tools for data analysis, and are increasingly being deployed in systems operating on sensitive data, such as recommendation systems, banking fraud detection, and healthcare systems. This underscores the need for privacy-preserving ML (PPML) systems, and has inspired a line of research into how such systems can be constructed efficiently. We contribute to this line of...

Graphics processing units (GPUs) are specially designed for parallel applications and perform parallel operations much faster than central processing units (CPUs). In this work, we focus on the performance of the Advanced Encryption Standard (AES) on GPUs. We present optimizations which remove bank conflicts in shared memory accesses and provide 878.6 Gbps throughput for AES-128 encryption on an RTX 2070 Super, which is equivalent to 4.1 Gbps per Watt. Our optimizations provide more than...

Symmetric key cryptography is applied in almost all secure communications to protect all sensitive information from attackers, for instance, banking, and thus, it requires extra attention due to diverse applications. Moreover, it is vulnerable to various attacks, for example, cryptanalysis attacks. Cryptanalysis attacks are possible due to a single-keyed encryption system. The state-of-the-art symmetric communication protocol uses a single secret key to encrypt/decrypt the entire...

Many central banks, as well as blockchain systems, are looking into distributed versions of interbank payment systems, in particular the netting procedure. When executed in a distributed manner this presents a number of privacy problems. This paper studies a privacy preserving netting protocol to solve the gridlock resolution problem in such Real Time Gross Settlement systems. Our solution utilizes Multi-party Computation and is implemented in the SCALE MAMBA system, using Shamir secret...

Blockchain-based cryptocurrencies offer an appealing alternative to Fiat currencies, due to their decentralized and borderless nature. However the decentralized settings make the authentication process more challenging: Standard cryptographic methods often rely on the ability of users to reliably store a (large) secret information. What happens if one user's key is lost or stolen? Blockchain systems lack of fallback mechanisms that allow one to recover from such an event, whereas the...

Blockchain has been practiced in crypto-currencies and crossborder banking settlement. However, no clear evidence that a distributed ledger network (or Blockchain) is built within domestic payment systems, although many experts believe that Blockchain has wide applicability in various industries and disciplines. As the author’s best knowledge, no one has published a clear architecture and a feasible framework for a Blockchain-based banking network. Thus, \how Blockchain can be implemented in...

Credit and debit-card payments are typically authenticated with PINs. Once entered into a terminal, the PIN is sent as an encrypted \emph{PIN block} across a payments network to the destination bank, which decrypts and verifies the PIN block. Each node in the payments network routes the PIN block to the next node by decrypting the block with its own key, and then re-encrypting the PIN block with the next node's key; nodes establish shared secret keys with their neighbors to do so. This...

Protecting secrets is a key challenge in our contemporary information-based era. In common situations, however, revealing secrets appears unavoidable, for instance, when identifying oneself in a bank to retrieve money. In turn, this may have highly undesirable consequences in the unlikely, yet not unrealistic, case where the bank’s security gets compromised. This naturally raises the question of whether disclosing secrets is fundamentally necessary for identifying oneself, or more generally...

Several Central Bank Digital Currency (CBDC) projects are considering the development of a digital currency that is managed on a permissioned blockchain, i.e. only authorized entities are involved in transactions verification. In this paper, we explore the best possible balance between privacy and accountability in such a traceable digital currency. Indeed, in case of suspicion of fraud or money laundering activity, it is important to enable the retrieval of the identity of a payer or a...

The lack of privacy in the first generation of cryptocurrencies such as Bitcoin, Ethereum, etc. is a well known problem in cryptocurrency research. To overcome this problem, several new cryptocurrencies were designed to guarantee transaction privacy and anonymity for their users (examples include ZCash, Monero, etc.). However, the anonymity provided by such systems appears to be fundamentally problematic in current business and legislation settings: banks and other financial institutions...

Nowadays, virtually all products and services offered by financial institutions are backed by technology. While the frontend banking services seem to be simple, the core-banking backend systems and architecture are complex and often based on legacy technologies. Customer-facing applications and services are evolving rapidly, yet they have data dependencies on core banking systems running on ancient technology standards. While those legacy systems are preferred for their stability,...

Transferable e-cash is the most faithful digital analog of physical cash, as it allows users to transfer coins between them in isolation, that is, without interacting with a bank or a “ledger”. Appropriate protection of user privacy and, at the same time, providing means to trace fraudulent behavior (double-spending of coins) have made instantiating the concept notoriously hard. Baldimtsi et al. (PKC'15) gave a first instantiation, but, as it relies on a powerful cryptographic primitive,...

Many organizations stand to benefit from pooling their data together in order to draw mutually beneficial insights -- e.g., for fraud detection across banks, better medical studies across hospitals, etc. However, such organizations are often prevented from sharing their data with each other by privacy concerns, regulatory hurdles, or business competition. We present Senate, a system that allows multiple parties to collaboratively run analytical SQL queries without revealing their individual...

We examine the security of the Australian card payment system by analysing existing cryptographic protocols. In this analysis, we examine TDES and DES-V key derivation and the use of secure cryptographic devices, then contrast this with alternative mechanisms to enable secure card payments. We compare current Australian cryptographic methods with their international counterparts, such as the ANSI methods, and then motivate alternative methods for authenticated encryption in card payment systems.

ABSTRACT In 2017, D. Ezhilmaran & V. Muthukumaran (E&M [1]) have proposed key agreement protocols based on twisted conjugacy search problem in Near – ring and they have claimed that one can extend 3 party key agreement protocol (3PKAP) to any number of parties. Unfortunately their protocol is not an extension of 3PKAP and we present this weakness in this paper. We also show that their proposed 3PKAP is practically infeasible. Their protocol is not extendable to large number of parties like...

Personal data exchange and disclosure prevention are widespread problems in our digital world. There are a couple of information technologies embedded in the commercial and government processes. People need to exchange their personal information while using these technologies. And therefore, It is essential to make this exchange is secure. Despite many legal regulations, there are many cases of personal data breaches that lead to undesirable consequences. Reasons for personal data leakage...

In a quantum money scheme, a bank can issue money that users cannot counterfeit. Similar to bills of paper money, most quantum money schemes assign a unique serial number to each money state, thus potentially compromising the privacy of the users of quantum money. However in a quantum coins scheme, just like the traditional currency coin scheme, all the money states are exact copies of each other, providing a better level of privacy for the users. A quantum money scheme can be private, i.e.,...

Quantum money allows a bank to mint quantum money states that can later be verified and cannot be forged. Usually, this requires a quantum communication infrastructure to transfer quantum states between the user and the bank. Gavinsky (CCC 2012) introduced the notion of classically verifiable quantum money, which allows verification through classical communication. In this work we introduce the notion of classical minting, and combine it with classical verification to introduce semi-quantum...

Non-repudiation of messages generated by users is a desirable feature in a number of applications ranging from online banking to IoT scenarios. However, it requires certified public keys and usually results in poor usability as a user must carry around his certificate (e.g., in a smart-card) or must install it in all of his devices. A user-friendly alternative, adopted by several companies and national administrations, is to have a ``cloud-based'' PKI. In a nutshell, each user has a PKI...

The Holy Grail of a decentralised stablecoin is achieved on rigorous mathematical frameworks, obtaining multiple advantageous proofs: stability, convergence, truthfulness, faithfulness, and malicious-security. These properties could only be attained by the novel and interdisciplinary combination of previously unrelated fields: model predictive control, deep learning, alternating direction method of multipliers (consensus-ADMM), mechanism design, secure multi-party computation, and...

With the burgeoning Vehicle-to-Everything (V2X) communication, security and privacy concerns are paramount. Such concerns are usually mitigated by combining cryptographic mechanisms with suitable key management architecture. However, cryptographic operations may be quite resource-intensive, placing a considerable burden on the vehicle’s V2X computing unit. To assuage this issue, it is reasonable to use hardware acceleration for common cryptographic primitives, such as block ciphers, digital...

Security and safety-critical remote applications such as e-voting, online banking, industrial control systems and medical devices rely upon user interaction that is typically performed through web applications. Trusted path to such remote systems is critical in the presence of an attacker that controls the computer that the user operates. Such an attacker can observe and modify any IO data without being detected by the user or the server. We investigate the security of previous research...

Proofs of liabilities are used for applications, function like banks or Bitcoin exchanges, to prove the sums of money in their dataset that they should owe. The Maxwell protocol, a cryptographic proof of liabilities scheme which relies on a data structure well known as the summation Merkle tree, utilizes a Merkle approach to prove liabilities in the decentralized setting, i.e., clients independently verify they are in the dataset with no trusted auditor. In this paper, we go into the Maxwell...

A large number of studies on passwords make use of passwords leaked by attackers who compromised online services. Frequently, these leaks contain only the passwords themselves, or basic information such as usernames or email addresses. While metadata-rich leaks exist, they are often limited in the variety of demographics they cover. In this work, we analyze a meta-data rich data leak from a Middle Eastern bank with a demographically-diverse user base. We provide an analysis of...

ECDSA is a standardized signing algorithm that is widely used in TLS, code signing, cryptocurrency and more. Due to its importance, the problem of securely computing ECDSA in a distributed manner (known as threshold signing) has received considerable interest. Despite this interest, however, as of the time of publication of the conference version of this paper ([Lindel and Nof, ACM SIGSAC 18'), there had been no full threshold solution for more than two parties (meaning that any t-out-of-n...

Single password authentication (SPA) schemes are introduced to overcome the challenges of traditional password authentications, which are vulnerable to offline dictionary, phishing, honeypot, and man-in-the-middle attacks. Unlike classical password-based authentication systems, in SPA schemes the user is required to remember only a single password (and a username) for all her accounts, while the password is protected against offline dictionary attacks in a provably secure manner. Several...

Collaboration between financial institutions helps to improve detection of fraud. However, exchange of relevant data between these institutions is often not possible due to privacy constraints and data confidentiality. An important example of relevant data for fraud detection is given by a transaction graph, where the nodes represent bank accounts and the links consist of the transactions between these accounts. Previous works show that features derived from such graphs, like PageRank, can...

This paper introduces Spice, a system for building verifiable state machines (VSMs). A VSM is a request-processing service that produces proofs establishing that requests were executed correctly according to a specification. Such proofs are succinct (a verifier can check them efficiently without reexecution) and zero-knowledge (a verifier learns nothing about the content of the requests, responses, or the internal state of the service). Recent systems for proving the correct execution of...

Nowadays, mobile banking becomes a popular tool which consumers can conduct financial transactions such as shopping, monitoring accounts balance, transferring funds and other payments. Consumers dependency on mobile needs, make people take a little bit more interest in mobile banking. The use of the one-time password which is sent to the user mobile phone by short message service (SMS) is a vulnerability which we want to solve with proposing a new scheme called S-Mbank. We replace the...

Public-key infrastructures (PKIs) are an integral part of the security foundations of digital communications. Their widespread deployment has allowed the growth of important applications, such as, internet banking and e-commerce. Centralized PKIs (CPKIs) rely on a hierarchy of trusted Certification Authorities (CAs) for issuing, distributing and managing the status of digital certificates, i.e., unforgeable data structures that attest to the authenticity of an entity's public key....

Currently, the blockchain technology is experiencing an exponential growth in the academia and industry. Blockchain may provide the fault-tolerance, tamper-resistance, credibility and privacy to users. In this paper, we propose a blockchain-based residual loanable-limit query system, called Loamit. Firstly, to the best of our knowledge, it is the first work to prevent that a client, who lacks the ability to repay, borrows an un-repayable amount of money from independent banks without...

Distributed ledgers (e.g. blockchains) enable financial institutions to efficiently reconcile cross-organization transactions. For example, banks might use a distributed ledger as a settlement log for digital assets. Unfortunately, these ledgers are either entirely public to all participants, revealing sensitive strategy and trading information, or are private but do not support third-party auditing without revealing the contents of transactions to the auditor. Auditing and financial...

We introduce a new concept called brokered delegation. Brokered delegation allows users to flexibly delegate credentials and rights for a range of service providers to other users and third parties. We explore how brokered delegation can be implemented using novel trusted execution environments (TEEs). We introduce a system called DelegaTEE that enables users (Delegatees) to log into different online services using the credentials of other users (Owners). Credentials in DelegaTEE are never...

Keeping track of financial transactions (e.g., in banks and blockchains) means keeping track of an ever-increasing list of exchanges between accounts. In fact, many of these transactions can be safely “forgotten”, in the sense that purging a set of them that compensate each other does not impact the network’s semantic meaning (e.g., the accounts’ balances). We call nilcatenation a collection of transactions having no effect on a network’s semantics. Such exchanges may be archived and...

Decentralized ledger-based cryptocurrencies like Bitcoin present a way to construct payment systems without trusted banks. However, the anonymity of Bitcoin is fragile. Many altcoins and protocols are designed to improve Bitcoin on this issue, among which Zerocash is the first full-fledged anonymous ledger-based currency, using zero-knowledge proof, specifically zk-SNARK, to protect privacy. However, Zerocash suffers two problems: poor scalability and low efficiency. In this paper, we...

We describe novel, adaptive user interface attacks, where the adversary attaches a small device to the interface that connects user input peripherals to the target system. The device executes the attack when the authorized user is performing safety-, or security-critical operations, by modifying or blocking user input, or injecting new events. Although the adversary fully controls the user input channel, to succeed he needs to overcome a number of challenges, including the inability to...

Blockchains and more general distributed ledgers are becoming increasingly popular as efficient, reliable, and persistent records of data and transactions. Unfortunately, they ensure reliability and correctness by making all data public, raising confidentiality concerns that eliminate many potential uses. In this paper we present Solidus, a protocol for confidential transactions on public blockchains, such as those required for asset transfers with on-chain settlement. Solidus operates in a...

In this paper, we explore an idea of making (proof-of-work) blockchains mutable. We propose and implement $\mu$chain, a mutable blockchain, that enables modifications of blockchain history. Blockchains are, by common definition, distributed and immutable data structures that store a history of events, such as transactions in a digital currency system. While the very idea of mutable event history may seem controversial at a first glance, we show that $\mu$chain does not undermine security...

Credit networks model transitive trust (or credit) between users in a distributed environment and have recently seen a rapid increase of popularity due to their flexible design and robustness against intrusion. They serve today as a backbone of real-world IOweYou transaction settlement networks such as Ripple and Stellar, which are deployed by various banks worldwide, as well as several other systems, such as spam-resistant communication protocols and Sybil-tolerant social networks. Current...

Identity Theft is the fastest rising crime in the United States with about 7% of US adult population victimized annually. This frightening scope warrants a bold government intervention. Here is a detailed proposal. "Cyber Passport" addresses itself to the main threat: a breach of a merchant, bank, or government department resulting in theft of identities of millions of citizens, which for a long time live in fear of residual violations. The solution is based on two principles: (i) online...

Electronic payment (e-payment) has been widely applied to electronic commerce and has especially attracted a large number of mobile users. However, current solutions often focus on protecting users' money security without concerning the issue of users' privacy leakage. In this paper, we propose AEP-M, a practical anonymous e-payment scheme specifically designed for mobile devices using TrustZone. On account of the limited resources on mobile devices and time constraints of electronic...

Electronic financial transactions in the US, even those enabled by Bitcoin, have relatively high transaction costs. As a result, it becomes infeasible to make \emph{micropayments}, i.e. payments that are pennies or fractions of a penny. To circumvent the cost of recording all transactions, Wheeler (1996) and Rivest (1997) suggested the notion of a \emph{probabilistic payment}, that is, one implements payments that have \emph{expected} value on the order of micro pennies by running an...

The scatter-gather technique is a commonly-implemented approach to prevent cache-based timing attacks. In this paper we show that scatter-gather is not constant-time. We implement a cache timing attack against the scatter-gather implementation used in the modular exponentiation routine in OpenSSL version 1.0.2f. Our attack exploits cache-bank conflicts on the Sandy Bridge microarchitecture. We have tested the attack on an Intel Xeon E5-2430 processor. For 4096-bit RSA our attack can fully...

Numerous electronic cash schemes have been proposed over the years ranging from Ecash, Mondex to Millicent. However none of these schemes have been adopted by the financial institutions as an alternative to traditional paper based currency. The Ecash scheme was the closest to a system that mimicked fiat currency with the property that it provided anonymity for users when buying coins from the Bank and spending them at a merchant premises (from the Bank's perspective). However Ecash lacked...

Decentralized ledger-based currencies such as Bitcoin provide a means to construct payment systems without requiring a trusted bank. Removing this trust assumption comes at the significant cost of transaction privacy. A number of academic works have sought to improve the privacy offered by ledger-based currencies using anonymous electronic cash (e-cash) techniques. Unfortunately, this strong degree of privacy creates new regulatory concerns, since the new private transactions cannot be...

Bitcoin exchanges function like banks, securely holding their customers' bitcoins on their behalf. Several exchanges have suffered catastrophic losses with customers permanently losing their savings. A proof of solvency demonstrates that the exchange controls sufficient reserves to settle each customer's account. We introduce Provisions, a privacy-preserving proof of solvency whereby an exchange does not have to disclose its Bitcoin addresses; total holdings or liabilities; or any...

We report on the design and implementation of a system that uses multiparty computation to enable banks to benchmark their customers' confidential performance data against a large representative set of confidential performance data from a consultancy house. The system ensures that both the banks' and the consultancy house's data stays confidential, the banks as clients learn nothing but the computed benchmarking score. In the concrete business application, the developed prototype help Danish...

Session key agreement protocol using smart card is extremely popular in client-server environment for secure communication. Remote user authentication protocol plays a crucial role in our daily life such as e-banking, bill-pay, online games, e-recharge, wireless sensor network, medical system, ubiquitous devices etc. Recently, Djellali et al. proposed a session key agreement protocol using smart card for ubiquitous devices. The main focus of this paper is to analyze security pitfalls of...

Based on the analysis of $6$-digit one-time passwords(OTP) generated by DIGIPASS GO3 we were able to reconstruct the synchronisation system of the token, the OTP generating algorithm and the verification protocol in details essential for an attack. The OTPs are more predictable than expected. A forgery attack is described. We argue the attack success probability is $8^{-5}$. That is much higher than $10^{-6}$ which may be expected if all the digits are independent and uniformly...

Current cryptocurrencies, starting with Bitcoin, build a decentralized blockchain based transaction ledger, maintained through proofs-of-work that also serve to generate a monetary supply. Such decentralization has benefits, such as independence from national political control, but also significant limitations in terms of computational costs and scalability. We introduce RSCoin, a cryptocurrency framework in which central banks maintain complete control over the monetary supply, but rely...

Oblivious RAM (ORAM) is a cryptographic primitive that allows a trusted CPU to securely access untrusted memory, such that the access patterns reveal nothing about sensitive data. ORAM is known to have broad applications in secure processor design and secure multi-party computation for big data. Unfortunately, due to a logarithmic lower bound by Goldreich and Ostrovsky (Journal of the ACM, '96), ORAM is bound to incur a moderate cost in practice. In particular, with the latest developments...

The future development of quantum-computers could turn many key agreement algorithms used in the Internet today fully insecure, endangering many applications such as online banking, e-commerce, e-health, etc. At the same time, the Internet is further evolving to enable the Internet of Things (IoT) in which billions of devices deployed in critical applications like healthcare, smart cities and smart energy are being connected to the Internet. The IoT not only requires strong and...

Multiple-bank e-cash (electronic cash) model allows users and merchants to open their accounts at different banks which are monitored by the Center Bank. Some multiple-bank e-cash systems were proposed in recent years. However, prior implementations of multiple-bank e-cash all require the random oracle model idealization in their security analysis. We know some schemes are secure in the random oracle model, but are trivially insecure under any instantiation of the oracle. In this paper,...

The blind signature scheme permits the user to acquire a signature from the signer; however, the message and the final signature are unknown to the signer. In a partially blind signature (PBS) scheme, the signer can explicitly incorporate a common information in the signature based on some agreement with the user and without violating the blindness property. Many PBS schemes have been proposed recently either by using certificate authority-based public infrastructure (CA-PKI) or pairing...

Divisible E-cash systems allow users to withdraw a unique coin of value $2^n$ from a bank, but then to spend it in several times to distinct merchants. In such a system, whereas users want anonymity of their transactions, the bank wants to prevent, or at least detect, double-spending, and trace the defrauders. While this primitive was introduced two decades ago, quite a few (really) anonymous constructions have been introduced. In addition, all but one were just proven secure in the random...

We show how to realize two-factor authentication for a Bitcoin wallet employing the two-party ECDSA signature protocol adapted from MacKenzie & Reiter (2004). We also present a prototypic implementation of a Bitcoin wallet that offers both: two-factor authentication and verification over a separate channel. Since we use a smart phone as the second authentication factor, our solution can be used with hardware already available to most users and the user experience is quite similar to the...

Near Field Communication (NFC) is one the most recent technologies in the area of application development and service delivery via mobile phone. NFC enables the mobile phone to act as identification and a credit card for customers. Dynamic relationships of NFC ecosystem players in an NFC transaction process make them partners in a way that sometimes they should share their access permissions on the applications that are running in the service environment. One of the technologies that can be...

We give an explicit definition of decentralization and show you that decentralization is almost impossible for the current stage. We propose a new framework of noncentralized cryptocurrency system with an assumption of the existence of a weak adversary for a bank alliance. It abandons the mining process and blockchain, and removes history transactions from data synchronization. We propose a consensus algorithm named “Converged Consensus” for a noncentralized cryptocurrency system.

The sweeping success of the original (2008) bitcoin protocol proves that digital currency has arrived. The mounting opposition from the financial establishment indicates an overshoot. We propose to tame bitcoin into bitcoin.BitMint: keeping the bitcoin excitement -- fitted into real world security, stability and fraud concerns. The basic idea is to excise the bitcoin money generation formula, and otherwise apply bitcoin essentially “as is” over digital coins which are redeemable by the...

Although NFC mobile services have great potential for growth, they have raised a number of issues which are of concern to researchers and are preventing the wide adoption of this technology within society. Dynamic relationships of NFC ecosystem players in an NFC transaction process make them partners in a way that sometimes requires that they share access permission to applications that are running in the service environment. One of the technologies that can be used to ensure secure NFC...

Transferable conditional electronic-cash (e-cash) allows a payer to spend an e-cash based on the outcome not known in advance. It also allows a payee to spend the e-cash to others, or deposit the e-cash to a bank based on the future outcome. Among security properties, the anonymity of the payer has been widely studied. However, the payer is linkable in the existing conditional e-cash schemes. This paper presents the first optimally anonymous and transferable conditional electronic-cash...