Mobile Based Two Factor Authentication For Online Transactions

What is Mobile based Two Factor Authentication

The Need

As online banking fraud continues to grow, consumers’ deep-seated security fears remain one of the biggest barriers to online banking.

Bridging The Gap

Mobile based Two Factor Authentication enables Bank’s Credit/Debit card customers to do online transactions in a secured way with an additional authentication added using registered mobile number of the customer.

There are three reasons why internet banking requires increased security: online fraud is on the up; customers need reassuring; and changes in the industry demand it.

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Product Overview

Mobile based authentication for online transaction works with the combination of verification of the user data which is present on the Credit/Debit of Card customer (Verified and by Payment Processor) and sending a call to registered mobile number getting confirmation from (Additional Authentication) him/her

4 Transaction Completion 3 Two Factor Authentication over call 1 Online Payment Transaction Authentication at Payment Gateway & Bank 2

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Steps in Mobile Based Two Factor Authentication

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Transaction Initiation  User logs into a Merchant site and attempts for online transaction

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Card Details  User fills in the data for credit card on the site

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Inbound Call 2 Factor Authentication

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Transaction Completion  After hitting the submit button, user receives a call on his registered mobile number  User answers the call and press “1” on his mobile, he/she is authenticated and the transaction is completed.

 Query Accepted online and transaction is processed 4

Information Flow

User attempts for Online payment on Merchant Site Transaction Successful

Secure

Fills up Card Details

Convenient Quick

Autocall Sent on Registered Mobile Number and user presses 1 to confirm Altruist Outbound Application Payment Gateway 1 Factor Authentication Bank 5

Application Offline

Alternate flow in case the user mobile is not reachable

• User logs into a Merchant site where he/she wants to do a transaction • User fills in the data for credit card on the site • After hitting the submit button, user is not able to receive the call on his registered mobile due to network down, weak network etc • User calls the call centre of the bank and authenticate himself/herself • Call centre gives one time bypass to the user.

• User is able to do the online transaction without the need of mobile authentication.

1 Factor Authentication User attempts for Online payment on Merchant Site Fills up Card Details Payment Gateway Bank Altruist Outbound Application Transaction Successful Autocall Sent on Registered Mobile Number One time by-pass allowed by CC Agent Transaction Unsuccessful 6

Need

• Threat against Key Loggers • Phishing • Man in the Middle • Steal the Credit Card • Steal the credit card information

There are three reasons why internet banking requires increased security: • Online fraud is on the up • Customers need reassuring; and • Changes in the industry demand it.

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Benefits

Save

A significant reduction in the losses (financial and otherwise) incurred as a result of phishing-related fraud

Protect

Protection against Credit card stealing

Competitive Positioning

Greater customer comfort with conducting business online due to improved security delivered imposing complicated requirements on users

Litigation Shielding

An enhanced shielding against litigation that may arise from phishing-related incidents

Ease Secure

No Need of remembering another password/pin.

Highly secure as no account information sharing required. Application to relay only the input given by user based on which the Bank or the Payment Gateway can accept or reject transaction 8

Why Altruist

Our Aim is to make Mobile part of the customer Lifestyle Explore

Data Advertising M Banking Entertainment & Classifieds Total Telecom Solutions

Develop Stimulate Expand A number of service are adopted based on different Market Dynamics Technolog y Trends Market Trends Customer Behavior

Continuous focus around rapid development of market driven services that meet customer needs and will be adopted in daily use Our Goal is to Capitalize on VAS and technology to generate new revenue streams and generate customer loyalty for the partners 9

Thank You

Altruist Technologies Pvt Ltd.

DLF Tower C, 2 nd Floor Chandigarh IT Park Chnadigarh Tel Fax+91-172-4308800 Mail: [email protected]

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