Abstract
One thing can be said to be common to all forms of debit card fraud – authentication bypass. This implies that a secure debit card transaction system can only be guaranteed by a safe and reliable authentication system. Many approaches have been adopted to ensure a secure authentication system, but often, these approaches are either focused on the Automated Teller Machines (ATM)/Point of Sales (POS) terminals or Online/e-commerce transactions, thus not providing full security on both fronts. In this work, we address this problem by adopting a multi-factor debit card system that uses a combination of the traditional Personal Identification Number code (PIN) and the mobile-phone delivered One-Time Password (OTP) with a biometric authentication option (fingerprint). We demonstrate that this approach ensures the security of both online and terminal transactions. The fingerprint option makes it easy to use by people who find memorizing PINs difficult.
Highlights
The use of electronic payment methods is widely accepted in developed societies but has become the norm
The multi factor approach In the system proposed in this work, the user can choose between using the fingerprint authentication or the Personal Identification Number code (PIN) system associated to a randomly generated 3-digit number, which will be sent to his mobile phone
On debit card authentication methods, and, below, we present a review of previous works on debit card authentication
Summary
The use of electronic payment methods is widely accepted in developed societies but has become the norm. The increasing number of people with bank accounts has been accompanied by an increase in the use of debit cards – being widely used by current and savings account holders at the point-of-sale and at Automated Teller Machines (ATMs) worldwide. Just like every other forms of payment, cards are exposed to security vulnerabilities. At the end of several unauthorized transactions, this can result in overdraft fees, bounced checks or even bankruptcy for A, in cases whereby the bank is not liable for any fraudulent transactions made from one’s debit card. Many approaches have been adopted to ensure a secure authentication system in the state-of-the-art. Most of these approaches are focused either on the ATM/POS
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