Multi-factor authentication for ensuring security in online banking

As we know in today’s times there is nothing called ‘a secured device’. MFA is popularly known as Multi-factor authentication. It is a veritable name in the world of security systems. There are various sets of authentication components such as:

  1. Biometric Verification – This is a system that authenticates users by identifying their unique characteristics that is their biological traits such as retina, voice patterns, fingerprint, signatures, iris patterns, DNA, etc. Duplication is minimal in this process as long as no grave fraudulence is involved. This is a realistic form of identification process used in computer science that accentuates surveillance systems.

2. Password Verification – OTP or onetime passwords are generated by computer systems to users in order to process their transactions. This is another form of verification that involves sending messages (passwords/verification codes) to individuals, cutting off security breach. You need to enter these 4/5 digit codes to verify your identity before signing in and accessing your account or making a transaction. This process is discussed in the image below:

Your account needs to remain in safe hands. Avoiding sticky situations will require value-judgements like adding valid information about yourself so that duplicate identification or authentication does not arise out of nowhere.

3. Security Token – Display screens (installed in various workplaces, business organizations and several other types of commercial establishments) ask for PIN (personal identification) or authentication codes. These codes are part of the vast security token design. Advanced security tokens include Bluetooth tokens, access cards, USB token devices, smart cards and mobile phones.

There are three types of security tokens such as:

  1. Contact less Tokens – RFID (radio-frequency identification) are known as contact less tokens that does not require physical contact with the main computer (the one that undertakes permission, data transmission and authentication processes). It is not used regularly by organizations as it is still in its nascent stages. Security concerns have kept RFID development under wraps.

2. Connected Tokens – As the name suggests these tokens require physical contact for real connection. Authentic data gets transferred after a connection is made between the host input device and the security tokens such as smart cards and USBs.

3. Disconnected tokens – These are most commonly used devices that run on two-factor authentication which takes place between the host and itself via PIN. There is no logical or physical connection with the host whatsoever. Data required for authentication is manually (previously injected prior to authentication process is started) inserted in a built-in screen.

Multi-layered checks to protect vulnerable users

With increasing number of cyber threats taking place today, high-end security checks and authentication processes have been included by organizations around the world. Online transactions are at an all-time high which makes it more than necessary to include two-factor and multi-factor authentications.

There is nothing called a ‘strong password’ in the world of hackers. Ecommerce, online transactions and banking actions have led users to take security seriously. Life has become impossible without online actions. Password combinations are not hard to crack for professional hackers.

Protection should be reasonably secure and encrypted computing systems must also be well-managed.

Identity breaches and information thefts have risen enormously.  Individuals remain vulnerable while online transactions are beyond escaping. Single mode of authentication is useless. Two-tier or multi-tier credential verification provides added security.

Multiple layers of authentication curtails possibilities like unauthorised entry and rampant online frauds.

Single Sign On and Multi-Factor Authentication Systems:

  • Mobile/Web Apps
  • OS Logins

Standard Applications:

  • Payment Verification services
  • User Authentication Services
  • PC/Tab/Mobile Login with Single Sign On
  • Attendance
  • App Specific login (also includes single sign on)

Multi-Factor Authentication:

  • Retina
  • Fingerprints
  • Palm
  • Active Directory Services
  • OTP – SMS/Email
  • Face


Aadhaar Payment App – The Next big thing in Indian Payments`

Aadhaar payment app has gained mass importance over a very short period of time. India has surely seen digitization in brighter light in the past few months. With the Minister of State for Finance, Santosh Kumar Gangwar’s statement, “As per reports received from public sector banks, Regional Rural Banks and 13 private sector banks, there are 110.03 crore individual, operative savings bank accounts (including Pradhan Mantri Jan Dhan Yojana accounts) with Aadhaar number seeded in 52.95 crore accounts,” said in a written reply in the Lok Sabha, there seems to be a hopeful intent for a digitally empowered Indian mass. “Banks are committed to seeding savings bank accounts with the account holder’s Aadhaar number, based on his consent,” he added.

With a massive number such as 52.95 crore savings accounts being linked to Aadhaar numbers, the growing need for faster online transactions via mobile applications is on the rise too. Aadhaar linking has taken place in large number of private sector, public sector and regional rural banks giving impetus to mobile app developers in India to find a new source of joy in development. There are currently numerous Aadhaar payment apps available on Google play store. We have also come up with PaySKP, an innovative Aadhaar based payment app that works on mobile as well as web versions.

In a few simple and easy to follow steps you can ensure a hassle free Aadhaar merchant pay.

  1. Download the app on your mobile device.
  2. Whether you are a merchant or a general user login with your Aadhaar number.
  3. Authenticate yourself with your biometric details.
  4. Start accepting/sending payments.

Aadhaar merchant payment apps are faster in operation as they carry out instant bank to bank transactions without any third party enablement.

Now you can simply enjoy as a merchant or a customer if you have a smartphone and the mobile app (Aadhaar based payment mobile application). Having yoru Aadhaar would mean your fingerprints will be authenticated and money paid from your Aadhaar linked account. There are great benefits of an Adhaar Payment app:

  1. No service tax or extra charges (as required in UPI apps, SBI Pay, Paytm, Phonepe, Freecharge, mobile wallets etc).
  2. No need to require remembering of passwords, PINs, etc.
  3. No burden of carrying debit or credit cards.
  4. Easier and Faster payment mode for merchants and users.

Aadhaar payment apps are regarded as the next big (read best!) thing India can look forward to enabling across expanded frontiers. Master cards and Visa charges that amounted to 2 to 3% of the amount can go for a toss with the Aadhaar apps charging nothing extra from its users. March, 2017 has been set as a target by Indian government to link all bank accounts with Aadhaar. Indian seems to be all set to become a powerful cashless economy, positioned for a potential boom in the global threshold.