A SECURITY MODEL FOR E-BANKING IN THE CLOUD

ABSTRACT

Banks are increasingly using technology to reduce their costs and deliver high quality services. As banks continue to become very dependent on computers, millions of naira is being spent on these information systems. But even as modern banks increasingly rely on the internet and computer technologies to make their transactions, they have become vulnerable to technologically – based fraud. It is almost impossible to apply the traditional security methods as they are normally implemented in traditional computing models with the cloud environment because of the deferred control of data from the customer to the cloud provider, and the unknown number of third parties between the real cloud service provider and the real customer. Information system security is evolving and to be able to deal with the widening gap in information security, the banking industry has implemented various frameworks like cloud computing in order to enhance implementation and to address information security vulnerabilities. However, merging cloud computing technology to the banking system seem not to be enough as the banking industry is still losing millions due technologically- based frauds on a monthly basis. Reason being the fact that some of the frameworks are too generic and does not secure essential resources from unauthorized access of the users. Authentication is one of the major security parameters while providing access of the registered services to the intended users. However, several authentication models exist since the username and password model is no longer sufficient to secure systems from attacks like replay attacks, shoulder-surfing, brute-force attack etc. In this research work, a multifactor authentication model architecture that relies on the username and password as well as pattern matching and the user profile detail is proposed.