Secure Transaction Framework Based on Encrypted One Time Password And Multi-Factor Authentication

Abstract

This study presents a secure transaction framework for money transactions. The proposed frame to work is considered for the banking sectors as well as any other related industry services. Online services become more attractive to attackers; therefore, it requires more protection. The current OTP systems are confined and has some weaknesses that need to be addressed. A proposed framework that ensures a secure money transaction is introduced overcome the weakness found in OTP and EOTP methods. The proposed framework is based on Encrypted One Time password (EOTP) and multi-factor authentication that have a strong authentication method. This framework is designed to authenticate entities (clients). As a complement to the proposed framework, a user registration framework is also introduced. A qualitative study is taken into consideration as the goal of the research. The framework has been coded using Java from scratch as one of the goals for this research. Moreover, the program has been evaluated and the consuming blocks within the framework have been listed and discussed. The execution time of the implemented framework has been measured and compared. Within the scope of the attack, the proposed framework is analyzed against different attacks encountered by OTP and EOTP and found to be effective and secure. Finally, this proposed system provides additional layers of protection which maintain the defense-in-depth security concept that is if one layer fails, the next layer carries on the protection.