Biometric-Based Authentication in Online Banking

Abstract

The use of technology has become the integral part of human life. Most importantly the introduction of Internet has made the lives of people easy and due to its cost effectiveness; usage of Internet by people has been increased. The Internet has made the people to move toward the online mode of transaction. Banks recommend their customers to use Internet banking facility and assure it as a safest mode of transaction but it is associated with huge risk. The continuous rise in online banking brings several security issues and increased cost of implementing higher security systems for banks and customers. Present online banking technology works on 2-Factor authentication mode, i.e., it works on both transaction level and authentication level. The main problem associated with 2-Factor authentication is that there may be risk associated, like cyberattack (SIM swapping fraud), etc., so we have proposed a biometric authentication technique which makes transaction more secure.