A Novel Distance Authentication Mechanism to Prevent the Online Transaction Fraud

Abstract

Online money transaction or online banking is an electronic transfer system that enables customers of a financial institution to perform financial transactions on a Website or application operated by the same or any other institution. After the growth of financial institution and also in their consumer base, online transaction has gained lots of transaction. Customer now can use the details of their credit card, debit card, or any other secure credentials for online transaction. The frauds related to online transactions are also growing at the same pace as the online transaction itself. Besides all security measures, various types of frauds have been reported for online payment. To prevent these frauds, researchers are constantly working to enhance the security measures for online transactions. Plethora of the literature is available regarding the same. The purpose of this paper is to propose a new authentication mechanism for committing a valid and secure online transaction. This mechanism will be applicable for credit card/debit card both whether it is used for internet shopping, point of sale, or money transfer. The basic idea is that precaution is better than cure. It means that a strong authentication mechanism for online transaction should be implemented so that fraud could not be committed.