Improving banking authentication using hybrid cryptographic technique

The online banking environment has grown tremendously over the past several years and will continue to grow as financial institutions continue to strive to allow customers to complete money transfers, pay bills, and access critical information online. During this same time, online banking has been plagued by Internet criminals and fraudsters attempting to steal customer information. Phishing, pharming, and other types of attacks have become well known and are widely used as a means for fraudsters to obtain information from customers and access online banking accounts. As a result, authenticating customers logging onto their online banking service has become a crucial concern of financial institutions. This research study portrays a clear picture of the need for enhanced authentication in online banking. It presents the main security concerns and criminal activities that are driving the need for stronger authentication, as well as showing the growth of the online channel that is being driven by consumers and financial institutions. This study simplifies and provides a resource for understanding the many options available when implementing enhanced authentication in the online banking environment. It provides detailed analysis of the many authentication solutions available, as well as a set of guidelines for selecting and implementing enhanced authentication, based on the learning and knowledge of industry experts and the consumer.