The Internet Revolution has changed the way money transfer takes place in current age which has resulted in a large number of cyber scams resulting in money loss which many times amounts to millions of rupees.
Financial frauds exist in the following forms:
- Card Cloning
- Online Frauds (Credit Card Data)
- Identity Thefts – Phishing
A major cause of most of these frauds is the single factor authentication in vogue today. It is quite easy for an individual to capture user names and passwords of other individuals using multiple techniques like Sniffing, installing Keylogger, MIM (Man in Middle attacks) or zombie attacks for the same. INNEFU has come up with multifactor authentication (MFID) technique to authenticate and verify (in a foolproof manner) the identity of the person or any other entity requesting access under security constraints.
- Something only the user knows (Username, Password)
- Something only the user has (Mobile phone/Hard Token)
Multifactor Authentication mechanism system authenticates the user’s identity using a unique code generated on a hardware device or received as SMS on mobile phone apart from his user name and password.