Abstract
Numerous applications are available on the Internet for the exchange of personal information and money. All these applications need to authenticate the users to confirm their legitimacy. Currently, the most commonly employed credentials include static passwords. But people tend to behave carelessly in choosing their passwords to avoid the burden of memorizing complex passwords. Such frail password habits are a severe threat to the various services available online especially electronic banking or e-banking. For eradicating the necessity of creating and managing passwords, a variety of solutions are prevalent, the traditional ones being the usage of One-Time-Password (OTP) that refers to a single session/transaction password. However, the majority of the OTP-based security solutions fail to satisfy the usability or scalability requirements and are quite vulnerable owing to their reliance on multiple communication channels. In this paper, the most reliable and adoptable solution which provides better security in online banking transactions is proposed. This is an initiative to eradicate the dependency on Global System for Mobile communication (GSM) that is the most popular means of sending the One-Time-Passwords to the users availing e-banking facilities.
Highlights
The Internet has proved to be the fastest emerging medium in the present day for delivering services in both retail and corporate banking sectors [1]
As the entire framework is based on the enhanced operation of One-Time Password (OTP) as well as updated cryptographic hash functions (SHA3, truncated SHA1) and RIPEMD128, so the system excels some of its security measures
Authentication, as well as authorisation, plays an important role in securing transactions conducted on any communication network over the cellular network
Summary
The Internet has proved to be the fastest emerging medium in the present day for delivering services in both retail and corporate banking sectors [1]. Electronic banking is defined as "the technology which allows customers to access the banking services electronically like to pay bills, transfer funds, and view the accounts details and advices" [2]. It provides automatic delivery of conventional and new banking services/products directly to users via interactive and electronic communication channels. The evolvement of E-banking services using numerous electronic communication channels such as cell phone, telephone, internet, etc. The evolvement of E-banking services using numerous electronic communication channels such as cell phone, telephone, internet, etc. has presented a convenient and feasible way of providing banking services [3]
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