2FMA-NetBank: A proposed two factor and mutual authentication scheme for efficient and secure internet banking

Nowadays, the banking industries need to enhance their services by utilizing ICT. Since the internet became a most influential technology for all aspects of life, bank transforms their manual process business into electronic, real time process and services. Hence, the user can perform a more simple and convenient internet banking transaction. Unfortunately, the ease of internet banking followed by security issues related to user authentication. These issues can be solved by various methods, such as OTP, digital certificates, two-factor authentication, TPM and QR Code. Nevertheless, each method may have its advantages and disadvantages. We motivated by it to propose the authentication scheme for internet banking that in this study, we called 2FMA-NetBank. Our scheme uses a public-private key pair and smartphone IMEI number as a second factor for mutual internet banking authentication. We use the QR Code application in smartphone for more efficient implementation of our scheme and provide more user convenience. 2FMA-NetBank would conceptually increase the security of internet banking authentication as well as it offers an efficient and low-cost implementation.