Abstract:
This study presents a secure transaction framework for money transactions. The proposed
frame to work is considered for the banking sectors as well as any other related industry
services. Online services become more attractive to attackers; therefore, it requires more
protection. The current OTP systems are confined and has some weaknesses that need to
be addressed. A proposed framework that ensures a secure money transaction is introduced
overcome the weakness found in OTP and EOTP methods. The proposed framework is based
on Encrypted One Time password (EOTP) and multi-factor authentication that have a strong
authentication method. This framework is designed to authenticate entities (clients). As a
complement to the proposed framework, a user registration framework is also introduced.
A qualitative study is taken into consideration as the goal of the research. The framework
has been coded using Java from scratch as one of the goals for this research. Moreover,
the program has been evaluated and the consuming blocks within the framework have been
listed and discussed. The execution time of the implemented framework has been measured
and compared. Within the scope of the attack, the proposed framework is analyzed against
different attacks encountered by OTP and EOTP and found to be effective and secure.
Finally, this proposed system provides additional layers of protection which maintain the
defense-in-depth security concept that is if one layer fails, the next layer carries on the
protection.