Paper on Transaction Verification
Even though it’s a few years since I wrote this article. The key principles of designing secure banking solutions haven’t changed, and are still relevant today. Trust will always be main priority, and the convenient solution wins in the long run. The challenge is to integrate trust and convenience.
Transaction Authentication
‘Something you understand’
The new factor in online security
Abstract
Online attacks have advanced significantly in recent years. Two-factor authentication, which is used to protect online banking users, has not evolved at the same pace, meaning that users are not sufficiently protected against these new and advanced attacks.
This raises an important question: is it possible to make online activities more secure for the user? More specifically, we want to understand whether it is possible to prevent online attacks by involving the user? In this paper, we elaborate principles for providing security in factor-based authentication. We propose a strategy using these principles to make online activities more secure.
This paper introduces Transaction Authentication – the new factor for factor-based authentication – as a way to establish informed consent in the authentication and authorisation process for online security. We show how the solution provides security while minimising user involvement, by balancing security and usability.
Read the paper here
