Multi-Factor Authentication for Secured Financial Transactions in Cloud Environment

Abstract

The rise of the digital economy and the comfort of accessing by way of user mobile devices expedite human endeavors in financial transactions over the Virtual Private Network (VPN) backbone. This prominent application of VPN evades the hurdles involved in physical money exchange. The VPN acts as a gateway for the authorized user in accessing the banking server to provide mutual authentication between the user and the server. The security in the cloud authentication server remains vulnerable to the results of threat in JP Morgan Data breach in 2014, Capital One Data Breach in 2019, and many more cloud server attacks over and over again. These attacks necessitate the demand for a strong framework for authentication to secure from any class of threat. This research paper, propose a framework with a base of Elliptical Curve Cryptography (ECC) to perform secure financial transactions through Virtual Private Network (VPN) by implementing strong Multi-Factor Authentication (MFA) using authentication credentials and biometric identity. The research results prove that the proposed model is to be an ideal scheme for real-time implementation. The security analysis reports that the proposed model exhibits high level of security with a minimal response time of 12 s on an average of 1000 users.

Novel Homomorphic Encryption for Mitigating Impersonation Attack in Fog Computing

“…The simulation results of this privacy-preserving scheme are identified to minimize robustness of fault tolerance, communication cost, and computational complexity compared to the baseline approaches used for exploration. A Blinding factors-based Paillier Homomorphic Encryption (BF-PHE) scheme was proposed for ensuring privacy preservation in fog computing during the process of data aggregation [22][23].…”

Secured Cyber Security Algorithm for Healthcare System Using Blockchain Technology

“…A healthcare system is composed of numerous organisations, individuals, and actions with the primary objective of monitoring [36], promoting, and sustaining people's health. Examples include private clinics, pharmaceutical firms, hospitals, healthcare companies, workplace health and safety standards, and the ministry of health.…”

Secure Channel for Financial Transactions in Cloud Environment Using Blockchain Technology

“…Prabakaran and et al ( 2022) had introduced Multi-Factor Authentication (MFA) [18] mechanism using Elliptical Curve Cryptography (ECC) and secured the session key using the individual's voice print feature. The proposed framework exhibits a high level of security against network vulnerabilities.…”

“…The decryption process is a reverse process of encryption in which the diffusion process is followed by the confusion process with "n" and "m" number of rotational rounds respectively. The algorithm for the chaotic map encryption and decryption process is illustrated in Table This framework provides a high level of security during the third party transactions [24] in cloud computing, with reduced transaction duration when compared to the previous works [18].…”

“…In this regard, it is efficient that the computational time must be very low. The performance of the proposed work is compared with the method of performing Multifactor authentication (MFA) [18] to perform transaction in cloud computing network, and with Signature based [22] critical mobile transaction methodology. The computational time for increasing number of service requests is depicted in Figure 5.…”