Mobile Based Multi-Factor Authentication Algorithm for Secure Online Transaction
Ved Prakash Bhardwaj1, Piyush Chauhan2, Nitin3

1Ved Prakash Bhardwaj, School of Computer Science, University of Petroleum and Energy Studies. Dehradun, India
2Piyush Chauhan, School of Computer Science, University of Petroleum and Energy Studies, Dehradun, India.
3Nitin, Indian Institute of Management, Shillong, India.

Manuscript received on October 15, 2019. | Revised Manuscript received on 22 October, 2019. | Manuscript published on November 10, 2019. | PP: 376-380 | Volume-9 Issue-1, November 2019. | Retrieval Number: A4138119119/2019©BEIESP | DOI: 10.35940/ijitee.A4138.119119
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Abstract: In today’s world, online payment system is one of the essential requirements of people. Security in online transactions is still a major challenge for the researchers. This work is emphasizing on providing highly secure environment for online transactions to user. One time password is one of the mechanisms to reduce online fraud, still many cases of fake transactions are happening frequently. It requires more attention to establish the faith in E-banking services. The present research article is proposing a multi-factor based secure algorithm which enhances the security for the online transaction services. To increase the authenticity, the proposed algorithm is working on two strategies: a) One Time Password Based Authentication and b) Dedicated Hardware Based Authentication.
Keywords: IMEI, Encryption, Decryption, OTP, Transaction
Scope of the Article: Algorithm Engineering