Improving Mobile Money Security with Two-Factor Authentication

Abstract

Security is a leading factor for establishing and maintaining customer trust in mobile money services (MMSs). MMSs in Tanzania rely on the use of Personal Identification Number (PIN) as an authentication method. However, a PIN can be easily guessed, forged or misused. This paper explores security challenges in MMSs and weaknesses associated with the current Mobile Money Authentication (MMA) method. Further, the study proposes the use of two-factor authentication model as an alternative method. The proposed model combines the current approach of using PIN and adds another layer of security that uses fingerprint recognition technology. Evaluation of the proposed model shows that it mitigates security vulnerabilities that exist in the current MMA method.