Streamlined approach to online banking authentication in South Africa and Europe

Online banking now requires additional levels of authentication in order to prevent fraudulent transactions. The first, and still most prevalent, method of authentication in South Africa makes use of the mobile phone. By using an SMS to send a one-time password, or Push USSD to immediately require action from the user, the online bank system attempts to verify the authenticity of the transaction. Newer methods, particularly found in Europe, make use of specialised devices that incorporate existing bank tokens, i.e. chip card, to further validate any online transactions. Both of these methods have security defects and usability issues. A new method that uses the best of the approaches and includes additional factors, e.g. biometrics, is explored.