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A Secure and Efficient Multi-Factor Authentication Algorithm for Mobile Money Applications

Author

Listed:
  • Guma Ali

    (Department of Information Technology Development and Management (ITDM), Nelson Mandela African Institution of Science and Technology (NM-AIST), Arusha 447, Tanzania)

  • Mussa Ally Dida

    (Department of Information Technology Development and Management (ITDM), Nelson Mandela African Institution of Science and Technology (NM-AIST), Arusha 447, Tanzania)

  • Anael Elikana Sam

    (Department of Communication Science and Engineering (CoSE), Nelson Mandela African Institution of Science and Technology (NM-AIST), Arusha 447, Tanzania)

Abstract

With the expansion of smartphone and financial technologies (FinTech), mobile money emerged to improve financial inclusion in many developing nations. The majority of the mobile money schemes used in these nations implement two-factor authentication (2FA) as the only means of verifying mobile money users. These 2FA schemes are vulnerable to numerous security attacks because they only use a personal identification number (PIN) and subscriber identity module (SIM). This study aims to develop a secure and efficient multi-factor authentication algorithm for mobile money applications. It uses a novel approach combining PIN, a one-time password (OTP), and a biometric fingerprint to enforce extra security during mobile money authentication. It also uses a biometric fingerprint and quick response (QR) code to confirm mobile money withdrawal. The security of the PIN and OTP is enforced by using secure hashing algorithm-256 (SHA-256), a biometric fingerprint by Fast IDentity Online (FIDO) that uses a standard public key cryptography technique (RSA), and Fernet encryption to secure a QR code and the records in the databases. The evolutionary prototyping model was adopted when developing the native mobile money application prototypes to prove that the algorithm is feasible and provides a higher degree of security. The developed applications were tested, and a detailed security analysis was conducted. The results show that the proposed algorithm is secure, efficient, and highly effective against the various threat models. It also offers secure and efficient authentication and ensures data confidentiality, integrity, non-repudiation, user anonymity, and privacy. The performance analysis indicates that it achieves better overall performance compared with the existing mobile money systems.

Suggested Citation

  • Guma Ali & Mussa Ally Dida & Anael Elikana Sam, 2021. "A Secure and Efficient Multi-Factor Authentication Algorithm for Mobile Money Applications," Future Internet, MDPI, vol. 13(12), pages 1-31, November.
    • Handle: RePEc:gam:jftint:v:13:y:2021:i:12:p:299-:d:688152
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    References listed on IDEAS

    as
    1. Giulio Cornelli & Jon Frost & Leonardo Gambacorta & Raghavendra Rau & Robert Wardrop & Tania Ziegler, 2021. "Fintech and Big Tech Credit: What Explains the Rise of Digital Lending?," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 22(02), pages 30-34, March.
    2. Eiman ElGhanam & Ibtihal Ahmed & Mohamed Hassan & Ahmed Osman, 2021. "Authentication and Billing for Dynamic Wireless EV Charging in an Internet of Electric Vehicles," Future Internet, MDPI, vol. 13(10), pages 1-19, October.
    3. Guma Ali & Mussa Ally Dida & Anael Elikana Sam, 2020. "Two-Factor Authentication Scheme for Mobile Money: A Review of Threat Models and Countermeasures," Future Internet, MDPI, vol. 12(10), pages 1-27, September.
    4. Paul Langley & Andrew Leyshon, 2021. "The Platform Political Economy of FinTech: Reintermediation, Consolidation and Capitalisation," New Political Economy, Taylor & Francis Journals, vol. 26(3), pages 376-388, May.
    5. Hiroyuki Egami & Tomoya Matsumoto, 2020. "Mobile Money Use and Healthcare Utilization: Evidence from Rural Uganda," Sustainability, MDPI, vol. 12(9), pages 1-34, May.
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