Securing Mobile Transactions: Enhancing Authentication and Authorization Measures in Financial Activities

[Audio] Good morning everyone. Today, I'm going to discuss the important topic of strengthening authentication and authorization measures to secure mobile transactions. We will be looking at the different ways to protect user information and finances in this digital age. So let's get started!.

[Audio] This paper aims to enhance the security and reliability of mobile transactions by exploring authentication and authorization measures used in financial activities. The problem to be addressed is the vulnerability of mobile transactions and the need for secure authentication and authorization measures. The research significance of the paper is to increase the security of mobile transactions by providing a robust authentication system, thereby protecting individuals' financial information and improving the reliability of financial activities..

[Audio] With regards to mobile payments, it is imperative to have effective authentication and authorization measures in place. Authentication involves proving one's authenticity, while authorization is the granting of permission. Consequently, authentication and authorization measures must be implemented to ensure the user is genuine and has been given permission for the transaction..

INTRODUCTION. 01.

[Audio] Mobile transaction overview covers users being able to pay through their devices, and a move from digital to traditional sales now taking the form of omni-channel retailing. E-wallets have become an integral part of electronic transfers, with millions of people using them to make electronic payments..

[Audio] Authentication and authorization for conducting financial activities on a mobile device is a must to secure user transactions. Payment Authentication and Authorization are two key processes that come into play in this regard. Payment Authentication ensures the user's account has enough funds to complete the transaction. Authorization is the process of verifying the user's identity by means of Knowledge Based Authentication, Possession Based Authentication and Biometric Based Authentication. It is essential that users use these methods to guard their funds and secure their transactions..

[Audio] Authentication and authorization are two of the critical measures taken to ensure secure mobile transactions. In this paper, we look at three different types of authentication measures – Knowledge-Based Authentication, Biometric-Based Authentication, and Possession-Based Authentication. Knowledge-Based Authentication requires the user to confirm their identity through knowledge like passwords and PINs. Biometric-Based Authentication requires confirmation through unique physiological traits like fingerprints. Finally, Possession-Based Authentication requires the user to possess a certain object or token in order to verify their identity..

[Audio] Today, I'm talking about two important authentication protocols used to secure mobile transactions - Two-Factor Authentication (2FA) and Multi-Factor Authentication (MFA). 2FA is a process that authenticates users using two methods. This could involve something the user knows, like a password, and something the user owns, like a device. MFA is a more secure process, utilizing multiple verification steps. This can include biometric authentication, as well as one-time passwords, and secret questions. Together, two-factor and multi-factor authentication protocols can greatly enhance the security of mobile transactions..

PROBLEM STATEMENT. 02.

[Audio] As mobile transactions have become essential for financial activities, it's important to understand the risks that come with them, such as unauthorized devices, phishing, and malicious apps. This paper focuses on improving authentication and authorization measures to keep user information secure and minimize cybercriminals from exploiting digital storage and stealing sensitive data. With effective methods, we can ensure secure mobile transactions and reduce the chances of identity theft and data breaches..

[Audio] This paper, which focuses on enhancing authentication and authorization measures in financial activities to secure mobile transactions, has a wide array of research impacts. Firstly, authentication and authorization strengthen the security of financial activities, granting more trust to customers and protecting their privacy in the process. Secondly, mobile financial applications and services are becoming more widely used, creating the need for robust security measures to protect data and transactions. Finally, this paper looks at different strategies for improving security measures, providing a comprehensive overview of the current state of the technology. The research has also raised some important questions. For example, how can authentication and authorization measures be improved to better protect customers' data and transactions? What are the best practices to ensure the security of mobile financial apps and services? How can risk mitigation strategies be implemented in financial applications? These questions and more will be addressed in this paper..

[Audio] This research paper will analyze authentication and authorization measures taken to secure mobile transactions and identify weaknesses in existing security protocols. It will explore existing security protocols and consider potential improvements to enhance security. Through in-depth research, reliable solutions to reduce the risks of fraudulent activities and strengthen the authentication process will be provided. The aim is to identify potential issues with current authentication protocols for mobile transactions and propose effective solutions. Research findings and expertise will be used to address existing security gaps and investigate cost-effective ways to deploy authentication solutions. Furthermore, existing authentication technologies will be examined to determine if improvements are needed to better protect users from potential fraud..

[Audio] With the increasing prevalence of mobile transactions, enhancing authentication and authorization measures in financial activities to secure them is a rising necessity. Multi-factor authentication and biometric solutions have the potential to protect users from unauthorized devices, phishing scams and malicious apps. Similarly, weak passwords and password reuse can lead to a compromise of mobile financial activities, which can be mitigated with the implementation of adequate security measures. This discussion will focus on how to make mobile financial activities safer and more secure..

[Audio] This paper underscores the need to bolster security in mobile transactions through upgraded authentication and authorization procedures. As users are increasingly dependent on mobile banking services for their financial operations, greater safety is a requirement. Previous research findings are presented in the paper and areas in which the authentication and authorization processes could be optimized are pinpointed. The proposed measures could result in an augmentation of the security of mobile transactions and secure users from financial perils..

[Audio] Authentication and authorization are essential to secure mobile transactions. As the number of mobile transactions increase, it is paramount to have measures in place to protect users from identity theft and other security risks. Not only do these measures guard users from malicious activities, they also help to bolster confidence in using mobile transactions..

[Audio] This slide focuses on a proposed system overview for enhancing authentication and authorization measures in financial activities to secure mobile transactions. The components of this review include ensuring authentication requirements are tailored to the context of the user, implementing risk-based authentication techniques, and employing multi-factor authentication whenever possible. Additionally, the paper reviews the use of biometrics, encryption, and other security measures to reduce the risk of unauthorized mobile transactions. Lastly, the paper evaluates the overall efficacy of the proposed system..

PROPOSED SYSTEM OVERVIEW. [image] A screenshot of a computer Description automatically generated.

CONCLUSION. 06.

[Audio] The use of mobile payments and transactions has had a significant impact on our financial landscape. To be able to securely protect user data, creating strong methods of authentication and authorization is paramount. This paper investigates a range of authentication techniques, advocating the use of multi-factor authentication for the most secure transactions. To this end, a four-factor authentication system is proposed, which blends knowledge-based, possession-based, and biometric-based authentication. Through this system, users can be provided with the highest levels of security for their mobile transactions..

[Audio] We must emphasise the importance of strengthening authentication and authorization measures in financial activities to secure mobile transactions. Doing so will ensure the transactions completed over mobile platforms are safe and secure, and reduce the potential for identity theft and fraud. To guarantee the protection of our financial information, authentication and authorization measures must be made more secure and reliable..