Online Transactions “Secure Authentication”

ONLINE TRANSACTIONS

“SECURE AUTHENTICATION”

Mrs. Jasmeet Kaur

Abstract

The online transaction is now becoming a trend in Indian market to interact with its customers for any business solutions. As per recent surveys users doing online transactions are growing daily. It has become back bone of financial institution’s multichannel strategy. Information about financial institutions, their customers, and their transactions is extremely sensitive which is at higher risk in today’s vulnerable technical world. It has been observed that such business done via a public network costs new challenges for security and trustworthiness. Any online transaction system must solve the issues of authentication, confidentiality, integrity, and nonrepudiation, which means it must ensure that only qualified people can access a transaction gateway, that the information viewed remains private and can’t be modified by third parties, and that any transactions made are traceable and verifiable. For confidentiality and integrity, Secure Sockets Layer/Transport Layer Security (SSL/TLS) is the well-known Internet transaction standards, whereas for authentication no single scheme has become predominant yet so far these days.

1. Introduction

Over the last few years there is a significant increase reported in malicious applications targeting financial account information all over the world. Ease of online transactions and growing number of users are getting perfect target for hackers. These days Secure Authentication has become a must for all internet transaction activities. The term authentication describes the process of verifying the identity of a person or entity. It is the process of determining whether someone or something is, in fact, who or what it is declared to be. Secure authentication is part of most online applications. Before a user can access its email account, its online banking account or its favorite online shopping account, it has to identify and authenticate...