Paypal Payment Services

Paypal Payment Services: Cryptography Best Practices

Darrin Chatman

SEC-577

March 31, 2013

Professor Equence McArthur

Abstract

Paypal is the safe way to pay and get paid online via mobile devices and in store. Furthermore, the service allows people to send money without sharing financial information. In addition, there is flexibility to pay using the customer’s account balances, bank accounts, credit cards, or promotional financing. Moreover, Paypal has more than 123 million active accounts in 190 markets and 25 currencies around which enable global commerce. Paypal is an EBay company headquartered in San Jose, California and its international headquarters is located in Singapore.

Paypal Payment Services: Cryptography Best Practices

Solutions

The analysis conducted reveals that there are four topics that need to be addressed concerning the cryptography practices of Paypal. Furthermore, the topics should be recommended with improved processes to assist the organization in securing financial information of new and existing customers. The topics are:

* Protection through Cryptography

* Password-Based Encryption

* Good Passwords

* Use of Digital Signatures

Protection through Cryptography

Paypal security procedures focused on encrypted information on Palm pilots and other PDA devices. Moreover, this will enable the handheld devices to become digital wallets. The theory is that this is safer than real cash in a wallet because it can never be stolen. Nonetheless, the customers information must incorporate cryptography whereby transforming information into a form that obscures its meaning.

The most obvious application for cryptography is the transformation of information to prevent a hacker or intruder from observing the meaning of the scheme. A very important cryptographic application is the transformation of information into an obscured form which makes it difficult to change the information without easily being detected....