Defensive protocol to ensure safe Mobile Financial Transaction in current context
Md. Hasib Firoz, Zulfiquar Ahmed · 2017
Mobile phone is a widely available device in the perspective of human-to-human and human-to-system communication. Financial inclusion using mobile phone is the most happening milestone in Bangladesh which helps in the fastest execution of Mobile Financial Service and makes the service available to the unbanked people. Mobile Financial Service enables a User to complete a financial transaction by using a Mobile Phone. A wide range of financial inclusion expanded the horizon of financial transaction. There are few challenges observed like, e.g. Human Error and Cyberfraud which have been reported in newspapers and discussed in the case studies. But an end-to-end approach to mitigate the Human Error and combat against Cyberfraud is not prescribed. A solid defense requires to mitigate the scope of Human Error and stop the opportunity of Cyberfraud in current context. The proposed protocol defenses current challenge and risk. This defensive protocol provides a secured transaction by adding two layers to be authenticated with each other before sending the transaction request at system end for financial execution.