Internet Banking In Nigeria: Authentication Methods, Weaknesses and Security Strength

摘要

The growth in internet banking has resulted in a greater demand for fast and accurate useridentification, authentication and authorization. Nowadays, numerous banking transaction, such as electronicpayments, money transfer, deposits, or securities have become heavily dependable on internet technology.However in recent years there has been an increase in the abuse of internet usage, such as – phishing, malwareinjection, cyber stalking, identity theft and so on. As online transactions require new authentication methods,banks are trying to introduce new approaches in order to prevent attacks being successful and to increasesecurity. The trend goes towards multiple-factor-authentication (mainly two-factor authentication). In fact mostNigeria banks employ two-factor authentication yet in different ways. Besides usual username or passwordapproaches, additional tokens are applied for authentication in order to make online-banking more secure. Thispaper reviews the current state of internet banking in Nigeria, its authentication methods , weaknesses andsecurity strength.