Explaining the Workings Principle of Cloud-based Multi-factor Authentication Architecture on Banking Sectors

Already in the initial years of the 21
^st
century, Cloud Computing has left an indelible mark as one of the key emergent technologies that already has begun revolutionizing the way we look at Information Technology. The banking sectors have also ventured into cloud-based systems, solutions, and services. Transferring banking applications to the cloud reduces bulk investments, time for initial set-up and also carbon footprint. However, if the security aspect of banking applications to the cloud is not managed comprehensively, it can lead to irreversible damage to the brand, loss of customer trust, and enormous liabilities. Our research objective is to offer cloud-based multi-factor authentication architecture to the financial institutions which would provide high levels of data protection. We propose a triple-stage verification process to establish identity and root out any malware attacks during access of banking applications by users from remote locations.