Fraud Detection System using Multi-tiered Authentication Scheme
Jumoke Soyemi, Mudasiru Hammed · 2020
The importance of authentication for all online bank transactions cannot be over-emphasized especially in this present age of technological advancement where internet frauds are all over. Online transactions are prone to attack when done with single- or two-ways authentication schemes. Ensuring a strong level of security has to do with a combination of attributes, encryption and authentication channels and credential storage. Although, several types of research were carried out on authentication and security level for web-based transactions, however, few researches have investigated multiple authentication schemes that combine securely and efficiently attribute asynchronously. This study enhanced the expansion of one-tier and two-tier authentication scheme that combines three levels of authentication, which include PIN, one-time password (OTP), a notification from email and graphical password for a web-based banking operation. Multi-tiered authentication scheme makes access to unauthorized banking operation difficult for an adversary. The system attained a high degree of accuracy when tested because adversaries were unable to break the three levels of authentication