Multi Banking System with Three Level Security

Abstract

Online transactions are the need of the current generation. Users need everything on a click of a button. Transacting websites needs to be more user friendly but to capture the feeling, security should not be compromised. In terms of providing security specially in banking sector, every bank is trying to do their best. In last decades it has been observed that password is used as mandatory factor of authentication along with other factors. Individual having multiple accounts needs to have different password and also needs to memorise all of them correctly. With these requirements in mind, we have proposed Multi-Banking System(MBS) with three level security in which the customer needs to remember only one password. MBS provides an interface for a customer to access multiple accounts with single login without compromising on the level of security individual bank provides.

Keywords: Multi-Banking System, Security Model, Multilevel security, Multifactor security, Mutual Authentication