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I'm creating an application that requires message authentication on the payload of a QR-code. Because of the maximum length of an error-correcting (H) QR-code (368 bits) and the original size of my payload (128 bits), I have to limit the size of the MAC.

This leaves me with several options. I can use basically any HMAC variant, and cut the output to fit in the QR-code payload (I tried this with HMAC-SHA512) or I can use a potentially weak implementation with HMAC-MD5, which fits perfectly.

My question is: which of the proposed solutions is more secure?

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From RFC 6151:

new protocol designs should not employ HMAC-MD5.

Whilst HMAC-MD5 is currently not broken, that doesn't mean you should use it. It's 2022, and there are considerably better options.

I think anybody you ask on here would recommend truncated HMAC-SHA-256, truncated HMAC-SHA-512, or keyed BLAKE2/BLAKE3, which wouldn't need to be truncated. These provide a higher security margin, and nobody will question your protocol.

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