Development of a Three Factor Authentication System for Online Banking
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(1) Department of Computer Science, Ajayi Crowther University, Oyo, Oyo State, Nigeria
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Abstract
With the increasing reliance on online banking services, ensuring the security of user accounts has become a critical concern for financial institutions and customers alike. To address this challenge, the implementation of multi-factor authentication (MFA) systems has gained significant attention. This paper presents a comprehensive examination of 3FA (Three-Factor Authentication) systems as a robust approach to fortify online banking security. The 3FA system combines the traditional username and password credentials with additional authentication factors, such as biometrics and one-time passwords (OTPs). Through an extensive literature review, this study explores the advantages and limitations of the 3FA system compared to conventional two-factor authentication (2FA) methods. Additionally, it examines the implementation and performance evaluation of the 3FA system. Ultimately, this paper aims to empower financial institutions to make informed decisions regarding the implementation of robust authentication systems, bolstering the trust and confidence of customers in online banking transactions.
Keywords
Online banking, authentication, three-factor authentication, knowledge factor, possession factor, inherence factor, security
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