Geofencing based Banking Authentication System: A Fraud Mitigation Technique
Kailash Kumar, Vikas Kumar Sihag, Gaurav Choudhary · Research Briefs on Information and Communication Technology Evolution · 2020
In today’s world of digitization, online electronic payment systems, and banking authentication havean important role in everyone’s life. Banks use different ways of authentication at a different level tomaintain the security of the hard-earned money. The security issues in the e-payment system, ATM,websites that store data or details of the cardholders lead to frauds, In ATM and POS transactionsonly card and PIN is been used and there is no other way of authentication. Researches purposeddifferent methods such as Biometric methods which are hard to implement in the current scenario.There is no other authentication method in ATM and POS machine to authorize the user. In ourpurposed solution user will have his phone as an authentication device and we will get his locationstored on a regular base and will only be able to make transactions when both the devices(Phone andATM/POS)are in the same location this is called geofencing. This will help to track unauthorizedaccess and will get the alert event when someone tries to access the account. It will help the investigationagency in case of fraud.