A New Approach to Securing Online Transactions-The Smart Wallet

摘要

For many years, two-factor authentication has been the only means of preventing cyber attacks and providing cyber security to online transactions. However, it seems to be vulnerable due to weak spots through which hackers are able to easily find ways of either intercepting message codes or exploiting account recovery mechanisms. Most of the available systems provide a onetime text password as an SMS to the registered mobile number of the user, while a few of them deliver it via telephone call leaving users to worry about its misuse through their phone being stolen or the SMS being seen by a hacker who can easily hack the SIM network provider and read the message, or by specific calls being diverted to his/ another mobile number without the knowledge of the original recipient. The result was a huge detriment to the user, leaving him to worry about his hard-earned money. As a result, we are presenting this Smart Wallet approach.