SMS-BASED AUTHENTICATION FRAMEWORK FOR A JOINT ACCOUNT ATM TRANSACTION.
CHESANG, EVANS KIMUTAI
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Information and Communication Technology (ICT) has transformed the way people conduct business today. The banking industry has not been left behind in the utilization of ICT to provide alternative banking channels. Competition for customers and customer expectations have pushed various industry players to acclimatize emerging technologies, as well as innovative alternative service delivery channels, to gain a competitive advantage in the provision of financial services beyond the traditional bank branch channel. Automated Teller Machines have for a long time been used to provide an interactive access of information, between banks and clienteles in addition to financial services at anytime, anywhere without compromising on the confidentiality, integrity and availability of financial/Customer information. However, these channels are susceptible to the threats and risks associated with interbank networks, such as cybercrimes. Fraudsters and cyber criminals have taken advantage of the vulnerabilities in the interbank networks, to steal from unsuspecting clients. To minimize the risks of financial loss associated with ATM transactions, an enhanced authentication framework is inevitable and must be implemented to safeguard financial institutions’ reputation. This study, therefore, seeks to propose a strong authentication framework that combines the conventional two factor authentication with the GSM (Global System for Mobile Communication) mobile technology. The two factor authentication takes into account what the person knows (PIN) and what the person has (Card), with an SMS-based authentication framework for a joint account ATM transaction, for those joint account holders issued with an ATM card and a PIN. A prototype shall be developed to provide a simulation for the actual transactions and ascertain the strength of the proposed authentication framework.