Geofencing based Banking Authentication System: A Fraud Mitigation Technique

Abstract

In today’s world of digitization, online electronic payment systems, and banking authentication have
an important role in everyone’s life. Banks use different ways of authentication at a different level to
maintain the security of the hard-earned money. The security issues in the e-payment system, ATM,
websites that store data or details of the cardholders lead to frauds, In ATM and POS transactions
only card and PIN is been used and there is no other way of authentication. Researches purposed
different methods such as Biometric methods which are hard to implement in the current scenario.
There is no other authentication method in ATM and POS machine to authorize the user. In our
purposed solution user will have his phone as an authentication device and we will get his location
stored on a regular base and will only be able to make transactions when both the devices(Phone and
ATM/POS)are in the same location this is called geofencing. This will help to track unauthorized
access and will get the alert event when someone tries to access the account. It will help the investigation
agency in case of fraud.