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Development of New Mobile Banking Authentication Scheme ‘Okekey 2.0’ and Integration with Existing Authentication Scheme ‘SimpliBank’
| Content Provider | Indraprastha Institute of Information Technology, Delhi |
|---|---|
| Author | Saluja, Gaurav |
| Abstract | Mobile Banking, popularly known as M-Banking is well known to be used for performing vari- ous transactions like account transactions, balance checks and various other banking and non- banking related transactions through a mobile device, specially a mobile phone (cellphone). The idea of using mobile phones for performing transactions is fancy and the ubiquitous nature of cellphones make it possible to use them in all the parts of the world. In today’s world, almost everyone, no matter living in urban, rural or remote area has a mobile phone with him and use it on regular basis. The thought of moving along with the technological development, and switching to the latest technology calls for the usage of mobile phones in every domain. In developing countries including India, we have the required banking facilities in urban and sub- urban areas but rural and remote areas are still not touched with these facilities. Among the people living in urban and sub-urban areas, there are many who can avail the banking facilities but are not aware of the working and procedures of these facilities and how they can be used. Statistically, more than 60% population in India is still un-banked and lack of availability of basic financial services is very common to most of the Indian population. This huge majority of Indians not using banks and banking facilities, represents a potential growth market for banking sector in the form of providing banking services to these Indians not using these facilities, a problem that could be addressed easily via mobile phones. In today’s world, almost everyone including people living in rural or remote areas, owns a mobile phone and use them on a regular basis. Eko aims to target the un-banked and under-banked market where the big banks have all said there’s no money to be made [13], by providing the reach of banks to people who are still untouched with banking facilities in a way that is conve- nient, less expensive and less time consuming as compared to the traditional banking methods used till date. Eko offers community banking to the underprivileged and uses mobile phones for this purpose. Eko aims to make mobile phones the financial identity for the poor. [3] Although the idea of using mobile phones for performing transactions sounds very fascinating, really helpful and convenient for usage but there are lots of security threats as well that are associated with it, prime one being Fraud Detection. The main concern associated with using mobile phones for performing transactions is to ensure the authenticity of the customer. It is foremost priority to ensure that the customer making transaction request is genuine and not a malicious user. While the design of secure and usable authentication for banking applications is a well-studied problem in the developed world, applying the same solutions to the developing- world mobile banking is a challenge, primarily due to the limited capacity of the phones available in these regions. [1] In the first phase of report, we present the analysis and the security weakness of the user au- thentication scheme (SimpliBank) for banking systems currently in use by Eko. We will be uncovering the new scheme ‘Okekey 2.0’ which offers better secrecy of PIN at both user level as well as system level, has high usability and carry forward the simplicity and scalability advan- tages of SimpliBank. In the second and final phase, we will be discussing the prototypes that can be integrated with Okekey 2.0 to provide some extra functionalities and facilities. We will be putting forward the bugs and flaws found at the beta testing of Okekey 2.0 and will be discussing the solution de- veloped to tackle those problems. In extension to the development of Okekey 2.0 which aims at being an independent system, we will first present the hurdles and the changes involved in porting the existing customers from SimpliBank to Okekey 2.0 and at last, will be giving the details of the developed solution (Okekey 2.1) that enables successful integration of SimpliBank and Okekey 2.0. |
| File Format | |
| Language | English |
| Access Restriction | Authorized |
| Subject Keyword | Mobile Banking Authentication Pin Paper Security Usability Developing Re- gions |
| Content Type | Text |
| Educational Degree | Bachelor of Technology (B.Tech.) |
| Resource Type | Thesis |
| Subject | Data processing & computer science |
