Chapter 7 Challenges and Artificial Intelligence–Centered Defensive Strategies for Authentication in Online Banking
V. Esther Jyothi, N. Sampreeth Chowdary · 2024
As online banking services have become increasingly prevalent among global banks, they have emerged as one of the most crucial online applications. Commercial banks utilize computer networks extensively, which are increasingly vulnerable to cyber-attacks due to rapid technological advancements. Developing a network security strategy for online banking requires an examination of security threats, network security features, and technological developments. This chapter informs the construction of a security system for the network, which enables users to manage their accounts and make payments without having to visit a physical bank location. However, authentication-related security concerns must be addressed to increase customer confidence in the bank’s services. To achieve this, banks should offer various login options, including multi-factor authentication using artificial intelligence (AI). The analysis in this chapter proposes a model for user authentication and security that combines three fundamental approaches: a user’s intrinsic characteristic (e.g., fingerprint), what the user knows (e.g., username), and what they have (e.g., Digipass). This chapter provides comprehensive information about how incorporating these three factors into authentication or order signing processes can significantly enhance banking transactions’ security, accuracy, and speed.