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ABSTRACT
To eradicate financial fraud, governments encourage the digitization of financial transactions, which is also reinforced by the digital economy paradigm. Recently, there has been an exponential increase in the number of e-transactions, and the incidence of cyber crimes related to online transaction fraud has also been increasing. To prevent online transaction fraud, the stakeholders of financial-transaction-related companies have implemented various secured authentication and authorization practices at all levels. In this paper, an additional factor for secure authentication for online transactions has been proposed. A third authentication factor, in addition to Personal Identification Number (PIN) and one time password (OTP), has been proposed, which is based on the global positioning system (GPS) location of the user who initiates the transaction. The strategy is to approve / decline the transaction based on a specified distance constraint between the transaction device and the user’s mobile device; this distance is used as an additional authentication factor (third factor) to verify the online transaction. The main objective of this study is to prevent fraudsters from performing online transactions from devices that do not belong to the user and are not currently in the possession of the user. The simulation results show that a high detection rate, i.e., 98.55%, is obtained using the proposed method.
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Notes on contributors
Vipin Khattri
Mr. Vipin Khattri is pursuing his Ph.D. in Computer Application from a prominent university in Lucknow. He has 10 years of teaching and research experience. Currently he is working as Assistant Professor in the Department of Computer Application, Institute of Technology, Shri Ramswaroop memorial University Lucknow Deva road UP, India. He has published several researcher papers in Scopus listed Journal. His research area includes Deep Learning, Cyber and Information Security.
Deepak Kumar Singh
Dr. Deepak Kumar Singh completed his doctorate from Indian Institute of Technology, Kanpur and has over eight years’ experience in the field of academics and IT industry. His core areas of expertise include learning management solutions & real-life applications of artificial intelligence. Apart from teaching in a prominent institution in Lucknow, he is also consultant of several IT firms. He has published more than fifteen papers in international journals and conferences and various seminars organized by professional bodies and industry associations worldwide. Dr. Deepak, holds professional associations with IEEE Technical Committee, IEEE Young Professionals and Association of Knowledge Workers of Lucknow.