ATM Model for a Trusted Third Party System (TTPs)

Abstract

The history of banking transaction has been with the use of cheque books, which direct the bank to pay or transfer specific amount to the bearer – third party on behalf of account owner. Identity card (ID) is the means of authentication and the third party is asked to append his or her signature and address on the back of the cheque for the bank to grant the request. Therefore, human beings cannot do without the help of third party, for their daily activities as nature can call for such service at any time. Even today, may be as a result of sickness, people do give their ATM card and PIN to third party to withdraw money on their behalf. The negative effect of involving third party to withdraw money with an ATM card on behalf of an account owner is at alarming rate. This action to say the least is prone to many security risks which must be avoided at all costs. Therefore, a system is designed in this study to recognize the use of third party in an ATM bank transaction in order to alleviate the negative effect of using the third party. An algorithm was designed for third party ATM transaction using Bracket IDE and Xampp as programming tools. The developed system, allows a trusted third party to have access to ATM card and to withdraw money on behalf of an account owner. The account owner initiates the process through the platform created in this study by registering the third party details and the transaction to be carried out on behalf of an account owner. The system generates an OTP that allows the third party to perform a restricted transaction on behalf of the account owner. The amount to be withdrawn is embedded in the OTP generated for the third party, such that there is no checking of account balance, no withdrawal of an amount less or above amount specified in the OTP, and no money transfer. Therefore, since the system allows restricted transactions to be performed by the third party, it becomes very difficult for third party to use the privilege of performing ATM transaction against the account owner. Keywords: ATM, One Time Password (OTP), Trusted Third Party (TTP), Third Party