Fraudulent Internet Banking Payments Prevention using Dynamic Key

Abstract

As the Internet becoming popular, many sectors such as banking and other financial institutions are adopting e-services and improving their Internet services. However, the e-service requirements are also opening up new opportunity to commit financial fraud. Internet banking fraud is one of the most serious electronic crimes (e-crimes) and mostly committed by unauthorised users. This paper presents a new dynamic key generation scheme that facilitates a fraud prevention mechanism. In the proposed scheme, a combination of a biometric feature such as a fingerprint and smart card is used to effectively confirm the users' identity and prevents illegal attempts. It also eliminates the need for storing a long-term shared key which makes the system insecure during transactions. We show that the new scheme is secure against various kinds of attacks. Keywords: Internet Banking payment, key generation, fraud, payment systems