A Novel Robust Geolocation-Based Multi-Factor Authentication Method for Securing ATM Payment Transactions

Abstract

Credit/debit cards are a ubiquitous form of payment at present. They offer a number of advantages over cash, including convenience, security, and fraud protection. In contrast, the inherent vulnerabilities of credit/debit cards and transaction methods have led many payment institutions to focus on strengthening the security of these electronic payment methods. Also, the increasing number of electronic payment transactions around the world have led to a corresponding increase in the amount of money lost due to fraud and cybercrime. This loss of money has a significant impact on businesses and consumers, and it necessitates the development of rigid and robust security designs for securing underlying electronic transaction methods. In this regard, this research introduces a novel geolocation-based multi-factor authentication method for improving the security of electronic payment transactions, especially ATM transactions. The proposed method leverages geolocation to verify the user’s identity and prevent fraudulent transactions. In addition, this research also proposes a novel design approach for further controlling the ownership of transactions in a convenient way (e.g., allowing users to deactivate/reactivate authentication at any time, block the card in case it is stolen or lost, and set up a withdrawal limit). Overall, this approach does not require any major modifications to the existing banking infrastructure, which would be an ideal solution for securing ATM transactions around the world.