Design and analysis of smart card-based authentication scheme for secure transactions

Remote authentication scheme utilising smart cards have become a prevalent concept due to their convenience and simplicity. Recently, Lee (2015) proposed a low cost authentication scheme without verifier tables. However, in this paper we show that Lee's scheme is susceptible to various attacks and fails to provide essential security properties. We then present our own scheme and perform an informal analysis to substantiate the claim that our scheme is able to resist the previous scheme's weaknesses.