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Mobile Based Two Factor Authentication For Online Transactions

Mobile Based Two Factor Authentication For Online Transactions. What is Mobile based Two Factor Authentication. The Need. As online banking fraud continues to grow, consumers’ deep-seated security fears remain one of the biggest barriers to online banking. Bridging The Gap.

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Mobile Based Two Factor Authentication For Online Transactions

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  1. Mobile Based Two Factor Authentication For Online Transactions

  2. What is Mobile based Two Factor Authentication The Need As online banking fraud continues to grow, consumers’ deep-seated security fears remain one of the biggest barriers to online banking. Bridging The Gap Mobile based Two Factor Authentication enables Bank’s Credit/Debit card customers to do online transactions in a secured way with an additional authentication added using registered mobile number of the customer. There are three reasons why internet banking requires increased security: online fraud is on the up; customers need reassuring; and changes in the industry demand it.

  3. Product Overview Mobile based authentication for online transaction works with the combination of verification of the user data which is present on the Credit/Debit Card (Verified by Payment Processor) and sending a call to registered mobile number of customer and getting confirmation from him/her (Additional Authentication) 4 1 Transaction Completion Online Payment Transaction 3 2 Two Factor Authentication over call Authentication at Payment Gateway & Bank

  4. 1 • User logs into a Merchant site and attempts for online transaction Transaction Initiation 2 • User fills in the data for credit card on the site Card Details 3 • After hitting the submit button, user receives a call on his registered mobile number Inbound Call 4 • User answers the call and press “1” on his mobile, he/she is authenticated and the transaction is completed. 2 Factor Authentication 5 • Query Accepted online and transaction is processed Transaction Completion Steps in Mobile Based Two Factor Authentication

  5. Fills up Card Details Payment Gateway User attempts for Online payment on Merchant Site Quick 1 Factor Authentication Convenient Secure Transaction Successful Bank Autocall Sent on Registered Mobile Number and user presses 1 to confirm Altruist Outbound Application Information Flow

  6. 1 Factor Authentication Fills up Card Details Payment Gateway Bank Altruist Outbound Application User attempts for Online payment on Merchant Site Transaction Successful Autocall Sent on Registered Mobile Number Transaction Unsuccessful One time by-pass allowed by CC Agent Application Offline Alternate flow in case the user mobile is not reachable • User logs into a Merchant site where he/she wants to do a transaction • User fills in the data for credit card on the site • After hitting the submit button, user is not able to receive the call on his registered mobile due to network down, weak network etc • User calls the call centre of the bank and authenticate himself/herself • Call centre gives one time bypass to the user. • User is able to do the online transaction without the need of mobile authentication.

  7. Need • Threat against Key Loggers • Phishing • Man in the Middle • Steal the Credit Card • Steal the credit card information • There are three reasons why internet banking requires increased security: • Online fraud is on the up • Customers need reassuring; and • Changes in the industry demand it.

  8. Benefits Save A significant reduction in the losses (financial and otherwise) incurred as a result of phishing-related fraud Protect Protection against Credit card stealing Competitive Positioning Greater customer comfort with conducting business online due to improved security delivered imposing complicated requirements on users Litigation Shielding An enhanced shielding against litigation that may arise from phishing-related incidents Ease No Need of remembering another password/pin. Secure Highly secure as no account information sharing required. Application to relay only the input given by user based on which the Bank or the Payment Gateway can accept or reject transaction

  9. Why Altruist Our Aim is to make Mobile part of the customer Lifestyle Explore Develop Stimulate Expand A number of service are adopted based on different Market Dynamics Customer Behavior Market Trends Technology Trends Continuous focus around rapid development of market driven services that meet customer needs and will be adopted in daily use Our Goal is to Capitalize on VAS and technology to generate new revenue streams and generate customer loyalty for the partners

  10. Thank You Altruist Technologies Pvt Ltd. DLF Tower C, 2nd Floor Chandigarh IT Park Chnadigarh Tel Fax+91-172-4308800 Mail: altruistindia@altruistindia.com

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