Fingerprint-Based Multifactor Authentication For Bank Transaction
Mananjeet Kaur, Shreya Kaistha, Shubhani Aggarwal, Ishan Budhiraja, Rajat Chaudhary, Abhay Bindle · 2024
Robberies of ATMs have been on the rise in the last few years and are becoming a major concern for Banks and their customers. Currently, we operate ATMs using a PIN that can become a victim of theft, guessed, and can be hacked while the transaction is going on. This raises a question on the security of ATM transactions and requires new techniques and schemes that can offer a second level of protection. Considering these security concerns, we proposed a security check on the existing ATM systems. We authors have created two applications that present the new technique. Our banking application, called Fingerpay, works like traditional banking applications with an added feature where the user can enable the MFA (Multi-factor Authentication) through MPIN verification. In this case, a request for fingerprint authentication is prompted as a notification on the user’s registered mobile number. Upon successful authentication, the transaction is authorized and completed securely. The key contribution of this research lies in the formation of a secure and user-friendly MFA system for ATM transactions. By integrating fingerprint authentication with existing banking applications, users are prompted to verify their identity through a registered fingerprint scan during ATM transactions. This additional layer of authentication increases security by significantly reducing the risk of unauthorized access and fraudulent transactions. In addition, biometric authentication outperforms traditional methods, including increased accuracy, reliability, and resistance to identity theft or impersonation. In the end, this proposal will go a long way in resolving the problem of ATM transactions. Further, this report contains the introduction, design and implementation part of the proposed model.