Towards Developing a 4-Level Authentication Method for Securing ATM Cards

Abstract

In recent years, the rapid development of information and communication engineering has affected every aspect of human life. As a result, the manner in which banking activities are conducted has also changed. ATM cards have made banking easier worldwide; funds are easily accessed, transferred, and withdrawn without hindrances. The advancement in modern technology paved the way for the rapid increase in ATM card usage, which is directly proportional to the rate of fraud attached to it. Presently, ATM cards are seriously having security challenges, in the sense that it is only being secured by four digits ATM pin, which can be easily guessed by fraudsters. This paper discusses the current security issues faced by the users of ATM cards. It also proposes a 4-level authentication method that is solely on the use of ATM cards on POS terminals and Automated Teller Machines. In contrast, the online usage of ATM cards is being excluded. It is believed that if these levels of authentication are strictly adhered to, there will be a significant reduction in ATM cards fraud. Keywords: Automated Teller Machine, Fraud, ATM Cards, Security CISDI Journal Reference Format Onamade, A.A., Bambi, B.J. & Jenyo, I. (2022): Towards Developing a 4-Level Authentication Method for Securing ATM Cards. Computing, Information Systems, Development Informatics & Allied Research Journal. Vol 13 No 2, Pp 11-.14. dx.doi.org/10.22624/AIMS/CISDI/V13N2P2. Available online at www.isteams.net/cisdijournal