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Secure architecture for internet banking system frauds
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posted on 22.03.2017by Dandash, Osama
Internet banking has become popular for wired and wireless users. However, the
existing Internet banking systems still have some serious security issues such as
fraud and identity misuse. Since Internet banking users want to be able to do their
banking anytime anywhere and banking employees need to perform and share their
financial tasks, it is difficult to find a secure Internet banking architecture which
can provide early fraud detection and prevent external and internal attacks on
Previous research for Internet banking fraud detection and prevention has
limitations including the employment of weak cryptographic operations or long term
shared keys and public keys. Currently, there is no secure architecture that
facilitates fraud detection and prevention in Internet banking system with efficient
record tracing mechanism. Preventing external fraudsters and detecting internal
fraud attacks remain a challenge for the protection of financial transactions in
Internet banking system.
This thesis proposes a secure Internet banking architecture and a new Internet
banking protocol for fraud detection and prevention with efficient record tracing.
The architecture mainly consists of detection and prevention engines which work
with the proposed protocol. The detection and prevention engines are supported by
our proposed dynamic key and group key schemes to facilitate fraud detection and
prevention. This allows the employment of advanced biometric measures and smart
cards to reduce identity misuse.
The dynamic key generation scheme is proposed to generate unique sequence of
dynamic keys that will be used only once to strengthen users’ authentication and
identification for external Internet banking users. The group key management
scheme is proposed to enforce strong access control, policy management, and
record tracing for internal bank employees.
The proposed Internet banking protocol applies the dynamic key and group key
schemes to perform authentication verification for individuals and groups of users
and secure communications between the engaged parties. The architecture can also
be used to assess other security architectures, and thus makes a valuable
contribution to the field of Internet banking systems security.
Security analysis and evaluation is presented in this thesis to evaluate the security
of the proposed Internet banking architecture. The evaluations show that using
dynamic key and group key schemes with our proposed architecture and protocol
can offer strong authentication for individuals and groups of users. This evaluation
indicates that the security architecture is balanced with the two fraud prevention
and detection engines. It also shows that the security architecture overcomes the
security issues and limitations of the existing fraud prevention and detection
measures as well as secure financial transactions in Internet banking system. It also
satisfies the security goals including authentication, authorization, record tracing,
and it facilitates fraud prevention and detection in Internet banking system. The
architecture is also adaptable to any new biometric and smart card technologies.