Crunchfish Digital Cash protector increases the security for 3rd party offline payment services
Protecting offline payment applications is hard as offline payment introduces specific risks relating to bearer instruments and double-spending. Crunchfish Digital Cash offline solution enables offline payment for 3rd party online payment services by offering a secure, isolated runtime and encrypted storage with rollback protection for all offline assets. Crunchfish announces now the Digital Cash protector as an offline payment application protection add-on for 3rd party offline payment services.
Offline payments introduce specific risks that need careful consideration. Since the offline assets reside in a bearer instrument that is in the control of a potential attacker, it is of paramount importance that the payment application takes the necessary precautions to protect the offline assets and any operation performed on them. There are multiple ways that a potential attacker can stage an attack that results in double-spending.
Crunchfish is now announcing Digital Cash protector as an offline payment application protection to increase the security in 3rd party offline payment services. The Digital Cash protector is built with a subset of security features from the Digital Cash offline solution and may be integrated as a security layer by application providers at multiple hierarchical levels.
Figure: Crunchfish Digital Cash protector may be integrated at multiple levels in the payment application.
Protecting offline payment applications is hard, and existing mobile software protections are insufficient for offline payments. Although these protection mechanisms are better than nothing, they do not hold back attackers for long. Please refer to Crunchfish’s recent whitepaper Offline payment on smartphones outlining the risks, mitigations, and key security requirements for offline payments as background information to this announcement.
“Crunchfish Digital Cash is the only offline payment solution for smartphones that is both secure and scalable. The security levels in external offline payments services can now be increased using Digital Cash technology and security features. The Digital Cash protector has already been presented and very well received by many key stakeholders in the Indian payment ecosystem as it augments the security for the offline payment services announced for UPI Lite and the Digital Rupee”, says Joachim Samuelsson, Crunchfish’s CEO.
For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com
This information was provided by the above for publication on 13th February 2024 at 08:30 CET.
Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.
About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.
