A Mobile App for Safe and Secure Monetary Transactions

Every time online banking transactions are considered, a concern regarding the security of money is common among users. Especially during the pandemic when the concept of ‘contactless delivery’ came into existence, the demand and usage for mobile payments have increased more than ever. Under such circumstances, scamming users under the name of online banking is a prominent problem. This points to the need for providing security measures against such scammers. To provide secure monetary transactions and a loan facility among one’s acquaintances without any interference from the bank, an initiative was taken to develop a mobile-phone based online banking system with the objective to safeguard the gullible users against fraudulent activities. A virtual banking environment was created to carry out all the transactions. The mobile app acts as a middleman between the bank and the users ensuring high-level security. Before any money is transferred, the user is sent an alert message mentioning the name and account number of the receiver and the amount that is going to be sent. If the user agrees with the information displayed, the money is transferred after verifying the PIN. The user has the option to borrow money from acquaintances without any interest. The loan is sanctioned by the lender without any involvement from the bank. The money is returned to the lender through NEFT. The user can also view the entire transaction history.