Secure and cost effective transaction model for financial services

Munjal, Nitin; Moona, Rajat

doi:10.1109/icumt.2009.5345473

Cited by 8 publications

(13 citation statements)

References 11 publications

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“…One of the most important challenges is the lack of reliable connectivity so that the transactions with the users' cards can be performed in real-time. In [277], a solution is proposed to this problem by using public key infrastructure (PKI). Private keys are stored in the card and the rural ATM, and the public keys issued by a trusted authority (e.g., Central Bank of a given country) can be exchanged between the two entities.…”

Section: ) Financial Servicesmentioning

confidence: 99%

“…This way, authentication, encryption (for confidentiality), and integrity can be performed locally without the need to have a connection. Enhanced security can be achieved by using a mobile phone along with the smart card according to the approach described in [277]. However, certain issues remain to be addressed, the most important one being the risk of overdrawing from a certain bank account (since the ATM does not have a permanent connection).…”

Section: ) Financial Servicesmentioning

confidence: 99%

“…A possible solution proposed in [277] is to store the account balance on the card, and to allow trusted ATMs to modify it in case of withdrawal. The information at the bank's server will then be updated periodically (either when the connection is available with the ATM, or manually where an authorized bank employee collects data from ATMs using a memory stick).…”

Section: ) Financial Servicesmentioning

confidence: 99%

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A Key 6G Challenge and Opportunity - Connecting the Remaining 4 Billions: A Survey on Rural Connectivity

Yaacoub¹,

Alouini²

2019

Preprint

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DRAFT 4) Hyper Connected: This scenario corresponds to people enjoying state-of-the-art connectivity, e.g., at least 4G and possibly 5G cellular connectivity, and/or with high speed fixed DSL or FTTH or FTTN connectivity. These subscribers typically live in urban areas, and it is extremely difficult to find them in rural areas, due to the numerous barriers discussed previously. This paper surveys the literature aiming to provide basic connectivity to the unconnected population, or aiming to increase the connectivity level of those with basic connectivity ("Under Hence, the challenges for FSO in space are less critical, and indeed significantly better performance can be achieved, especially due to the fact that the optical signal is not traversing the atmosphere. In 2008, an optical inter-satellite link achieved a data rate transmission of 5.6 Gbps for distances up to 5, 000 km in the European Data Relay satellite System (EDRS). Newer terminals can transmit at a data rate of 1.8 Gbps for distances up to 45, 000 km. The intersatellite Ka band link achieved 300 Mbps [44]. In EDRS, LEO satellites relay the data from ground stations to GEO satellites using FSO for the GEO-LEO satellite communication, and RF bands for communication with the ground stations (similarly to the satellite-satellite Ka link, the satellite-ground Ka link achieved 300 Mbps) [44]. Some of the recent satellite constellations discussed in Section II-E, e.g., Starlink, are also expected to use FSO for its inter-satellite communication [45,46,47]. D. HAPs/Drones/UAVs/BalloonsTo solve the coverage problem in large rural areas without relying on the deployment of costly wired infrastructure for backhaul, HAPs and UAVs are generally recommended [48].UAVs are proposed in [49] to provide backhaul connectivity for ground 5G base stations. A steering algorithm to allow the antennas of the UAV and the ground BS to be dynamically steered towards each other is proposed in [49], and tested via an experimental setup. In[50], a multihop network of HAPs is proposed for providing backhaul connectivity to TVWS deployments in rural areas. The HAPs communicate with each other using mmWave frequencies, and with the ground stations using FSO.An interference alignment scheme to maximize the sum-rate capacity of HAPs communicating with GSs is proposed in [51]. The scheme assumes M HAP drones and N GSs, with no CSI at the HAPs. A tethered balloon with (M − 1) × (N − 1) antennas is used as a decode and forward (DF) relay with half-duplex operation: The HAPs transmit their data to the GSs first, then the tethered balloon relays the data after performing pre-coding [51].Aerostats filled with lighter than air gas are tethered to the ground and used to provide connectivity to rural areas in [52]. Although these tethered aerostats can be used to provide backhaul connectivity by communicating with each other using directive antennas, they were also used in [52] to provide fronthaul WiFi access by using high gain omnidirectional antennas.

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Section: ) Financial Servicesmentioning

confidence: 99%

Section: ) Financial Servicesmentioning

confidence: 99%

Section: ) Financial Servicesmentioning

confidence: 99%

See 1 more Smart Citation

A Key 6G Challenge and Opportunity - Connecting the Remaining 4 Billions: A Survey on Rural Connectivity

Yaacoub¹,

Alouini²

2019

Preprint

View full text Add to dashboard Cite

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“…One of the common authentication scheme used in financial services or transactions is using a hardware token like smartcards, credit/debit cards etc., but using these cards to authenticate the user identity is also not very sure in providing the security to the transactions. They are vulnerable to some frauds like swindlers (attackers) make use of skimmers that are devices used to capture data from the magnetic stripe of the card issued by the bank or any financial institution [11]. Multi layering of multi factor authentication is also important in hardening the security of financial services [12].…”

Section: Introductionmentioning

confidence: 99%

A Comparative Analysis of Various Multistep Login Authentication Mechanisms

Kaur¹,

Devgan²

2015

IJCA

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Due to advancements and improvements in internet and communication systems, more people are relying on internet to store their confidential information. Earlier the idea of Static passwords was being used but most of the users try to use easily guessable, weak passwords or keywords from their personal information, which makes it easy for the intruders to guess their passwords in few combinations using Brute Force attack. Thus idea of using Multi-Factor Authentication has been introduced in the world of internet to harden the security of network and make it difficult for the attackers to crack systems. In this mechanism, users are required to provide some extra information along with their login Id and password. Most popular is using One-Time Passwords that are generated randomly and valid only for single login and even for short duration of time (usually 30 to 60 seconds). One-Time Passwords can be generated either online or offline via various mechanisms. In this paper, review of various Multistep Authentication schemes has been performed to compare various authentication mechanisms.

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“…Since the model implies that some of the features of bank's server are accessed from outside the 'orthodox' bank network more security measures at different layers have to be applied. We propose the implementation of 'Low Cost secure transaction model' introduced by Munjal et al (2009) [8].…”

Section: Securitymentioning

confidence: 99%

New Interface Protocol to Connect Multiple Bank Networks from a Single Outlet

Prakash¹,

Jha²

2012

IJCA

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We propose an innovative interface protocol that will allow an access to multiple banks from a single outlet. This will enable a single branch to serve customers of several banks. This will in essence deleverage infrastructure of branch from banking business, allow banks to focus on service and product and not infrastructure, which is not its core competency. Having common branch will drastically reduce the number of branches required for given population and area; this will reduce operational cost of banking by manifolds.Protocol we propose uses dynamic network switching of the multiple networks to allow the common interface to access the API of different participating banks. We propose a scalable model which could harness Cloud computing if the load on the infrastructure is high. We have also given justification for the need of Cost saving for bank branches and potential benefits of implementing the proposed model.

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Secure and cost effective transaction model for financial services

Cited by 8 publications

References 11 publications

A Key 6G Challenge and Opportunity - Connecting the Remaining 4 Billions: A Survey on Rural Connectivity

A Key 6G Challenge and Opportunity - Connecting the Remaining 4 Billions: A Survey on Rural Connectivity

A Comparative Analysis of Various Multistep Login Authentication Mechanisms

New Interface Protocol to Connect Multiple Bank Networks from a Single Outlet

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