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Online Banking Authentication System - Coggle Diagram
Online Banking Authentication System
Authentication Type
Single-Factor Authentication (SFA)
Explanation: SFA relies on only one factor for user verification, typically a password.
Benefits:Easier for users to remember and log in, resulting in faster login times.
Drawbacks:Less secure due to its reliance on a single factor (password). If a hacker compromises the password, they gain full access to the account.
Multi-Factor Authentication (MFA)
Explanation: MFA adds an extra layer of security by requiring two or more factors for verification. Common factors include passwords combined with SMS verification codes, fingerprint scans, or security questions.
Benefits: Enhanced security with additional verification layers that make it more difficult for unauthorized access even if a password is stolen. This reduces the risk of fraud.
Drawbacks:MFA can be more complex and potentially frustrating for users due to the extra steps involved in the verification process. Additionally, accessibility concerns arise for users who lack smartphones or reliable methods to receive secondary verification factors.
Choosing the Right Approach
Factors to Consider
Security Sensitivity (Importance due to Financial Data): Banking accounts hold highly sensitive financial information. Therefore, security is paramount, making MFA generally the preferred option.
User Base (Target Audience's Tech Comfort):Consider the level of comfort your target audience has with technology. If a significant portion lacks smartphones or finds MFA cumbersome, a balance between security and usability might be necessary.
Risk Tolerance (Weighing Security vs. User Inconvenience):Evaluate the potential financial losses from security breaches and weigh them against the inconvenience MFA might cause users.
Hybrid Approach
Explanation: A hybrid approach utilizes both SFA and MFA. MFA becomes mandatory for high-risk transactions like transfers, bill payments, or changing account information. SFA remains acceptable for low-risk actions such as checking account balances or viewing recent transactions. This approach offers a balance between robust security and user-friendly experience.
Biometric Authentication
Explanation: Biometric authentication is an optional layer that can be added for additional security with a user-friendly experience. Examples include fingerprint scanning or facial recognition.
Important Facts to Consider About:
Security Features for SFA
Strong Password Requirements (Length, Complexity): (Black) Enforce strong password requirements by mandating minimum password lengths and complexity (including a combination of uppercase and lowercase letters, numbers, and symbols).
Two-way Authentication for Password Resets (Additional Verification): (Black) Implement two-way authentication for password resets. This requires an additional verification step (e.g., code sent via SMS) before allowing password changes.
MFA Methods
SMS Verification (One-Time Code Sent to Phone): (Black) Users receive a one-time code via SMS to their registered phone number during login or high-risk transactions.
Authentication Apps (Software Generating Codes): (Black) Users download and install an authentication app on their smartphones. The app generates unique codes for verification during login or high-risk transactions.
Hardware Tokens (Physical Devices Generating Codes): (Black) Hardware tokens are physical devices that generate unique codes for verification. These offer a more secure alternative to SMS verification, especially for users concerned about mobile security vulnerabilities.
Usability Features
Remember Me Option (Avoiding Frequent Logins): (Black) A "Remember Me" option allows users to remain logged in for a specific period on trusted devices, eliminating the need for frequent logins.
Biometric Login Options (Where Applicable, Explain: Fingerprint, Facial Recognition): (Black) If your platform supports it, offering biometric login options like fingerprint scanning or facial recognition can enhance security while providing a convenient user experience.
User Education on Secure Practices (Importance of Strong Passwords, Avoiding Phishing): (Black) Educate users on creating strong passwords and avoiding phishing attempts to further strengthen overall security.
Goal
Balance between Robust Security and User-Friendly Experience:The primary goal is to create an authentication system that offers strong security to protect user accounts while remaining user-friendly and avoiding unnecessary complexity.