Secure Electronic Banking Transaction using Double Sanction Security Algorithm in Cyber Security
G Viswesh, P. Vinothiyalakshmi · 2023
E-Banking, recognized as electronic banking or online banking, pertains to utilizing electronic channels and platforms for diverse banking transactions. It empowers clients to access and manage their bank accounts, conducting financial activities via the internet and electronic mediums, including mobile devices. Electronic Banking offers a secure and user-friendly approach for individuals and enterprises to execute banking operations remotely, eliminating the need to visit a physical bank branch. Ensuring user authentication across preferred communication channels is vital for business operations. However, utilizing insecure or unauthorized internet pathways can expose vulnerabilities to cybercrime during transactions. To counter fraudulent activities, the utilization of One Time Passwords (OTPs) has emerged to confirm the user’s identity over wireless channels. An OTP is a singularly valid password for a login session or transaction. Currently, the most prevalent method for user authentication is sending OTPs as SMS to registered mobile numbers. Yet, this approach has its limitations. Sharing the OTP without authentication renders it susceptible to various communication channel attacks. To mitigate this, a proposed solution entails assigning random numbers to specific alphabets printed on the back of the debit/credit cards associated with the respective accounts. During transactions, after inputting and verifying the correct OTP, an additional authentication window emerges. The server then requests the numbers linked to an alphabet from the card’s rear, ensuring that only the account holder possessing the physical card can proceed with the transaction.