ISSN : 1796-2056
Volume : 3    Issue : 1    Date : January 2008

Fraudulent Internet Banking Payments Prevention using Dynamic Key
Osama Dandash, Yiling Wang, and Phu Dung Leand Bala Srinivasan
Page(s): 25-34
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As the Internet becoming popular, many sectors such as banking and other financial institutions are
adopting e-services and improving their Internet services. However, the e-service requirements are
also opening up new opportunity to commit financial fraud. Internet banking fraud is one of the most
serious electronic crimes (e-crimes) and mostly committed by unauthorised users. This paper
presents a new dynamic key generation scheme that facilitates a fraud prevention mechanism. In
the proposed scheme, a combination of a biometric feature such as a fingerprint and smart card is
used to effectively confirm the users' identity and prevents illegal attempts. It also eliminates the
need for storing a long-term shared key which makes the system insecure during transactions. We
show that the new scheme is secure against various kinds of attacks. Keywords: Internet Banking
payment, key generation, fraud, payment systems

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