DEVELOPMENT OF AN ONLINE BANKING AUTHENTICATION SYSTEM USING SINGLE-USE MOBILE PASSWORDS AND RAPID RESPONSE CODES

Abstract

The online banking environment has evolved significantly in recent years and will continue to do so as financial institutions strive to provide their customers with the ability to transfer money, pay bills and access important information online. During this period, online banking has been plagued by criminals and internet fraudsters attempting to steal customer information. Phishing, pharming and other types of attacks are now common knowledge and are frequently used by fraudsters to obtain customer information and gain access to online banking accounts. Therefore, the authentication of customers logging into their online banking has become a key concern for financial institutions. This study paints a clear picture of the need for stronger authentication in online banking. It highlights the key security concerns and criminal activities driving the need for stronger authentication, as well as the growth of the online channel driven by consumers and financial institutions. In this study, we have proposed a new authentication system for online banking that uses the mobile WBS in combination with the QR code (a variant of the 2D barcode) to address all these vices of the Internet.