Online Transaction Banking in PHP

Online banking is getting popularity due to location independence, 24/7 services and responsiveness. Financial services through the internet are running under various threats like phishing, pharming (cyber attack intended to redirect a website's traffic to another fake site), malware, Man-In-The-Middle (MITM) attack and the evolving sophistication of compromise techniques. One time password (OTP) in online banking system alleviate the risk and make it secure. In various methods of OTP and Mobile Transaction Authentication Number (mTAN), device can be lost or stolen, delivery in delay, etc. Compliance with Anti-Money Laundering (AML), Know Your Customer (KYC) and sanctions requirements continues to be a key focus area for financial institution (FI) management, and firms must ensure they are following appropriate compliance procedures to meet the increasing regulatory demands [1, 2]. Addressing existing limitation of OTP, this paper proposes Challenge Question (CQ) from dynamic KYC database for transaction authorization before committing any financial transaction from online banking application. Analysis and simulation results show that the proposed method provides equal control as existing OTP/mTAN.