The payment industry moved from magnetic stripe cards to the EMV protocol over the past few years. This change in technology led to a drastic reduction in fraud through electronic payments. In the UK alone, losses in the high street have been reduced by 67% from 218.8m in 2004 to 72.1m in 2009. On the other hand, losses due to fraud have increased over the Internet. The majority of Internet payment protocols do not take advantage of the security provided by EMV protocol and the smart card technology. Most of the transactions are protected by a simple username and a password. Furthermore,...