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Chapter 7 Challenges and Artificial Intelligence–Centered Defensive Strategies for Authentication in Online Banking

  • Veerapaneni Esther Jyothi and N. Sampreeth Chowdary
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Artificial Intelligence Enabled Management
This chapter is in the book Artificial Intelligence Enabled Management

Abstract

As online banking services have become increasingly prevalent among global banks, they have emerged as one of the most crucial online applications. Commercial banks utilize computer networks extensively, which are increasingly vulnerable to cyber-attacks due to rapid technological advancements. Developing a network security strategy for online banking requires an examination of security threats, network security features, and technological developments. This chapter informs the construction of a security system for the network, which enables users to manage their accounts and make payments without having to visit a physical bank location. However, authentication-related security concerns must be addressed to increase customer confidence in the bank’s services. To achieve this, banks should offer various login options, including multi-factor authentication using artificial intelligence (AI). The analysis in this chapter proposes a model for user authentication and security that combines three fundamental approaches: a user’s intrinsic characteristic (e.g., fingerprint), what the user knows (e.g., username), and what they have (e.g., Digipass). This chapter provides comprehensive information about how incorporating these three factors into authentication or order signing processes can significantly enhance banking transactions’ security, accuracy, and speed.

Abstract

As online banking services have become increasingly prevalent among global banks, they have emerged as one of the most crucial online applications. Commercial banks utilize computer networks extensively, which are increasingly vulnerable to cyber-attacks due to rapid technological advancements. Developing a network security strategy for online banking requires an examination of security threats, network security features, and technological developments. This chapter informs the construction of a security system for the network, which enables users to manage their accounts and make payments without having to visit a physical bank location. However, authentication-related security concerns must be addressed to increase customer confidence in the bank’s services. To achieve this, banks should offer various login options, including multi-factor authentication using artificial intelligence (AI). The analysis in this chapter proposes a model for user authentication and security that combines three fundamental approaches: a user’s intrinsic characteristic (e.g., fingerprint), what the user knows (e.g., username), and what they have (e.g., Digipass). This chapter provides comprehensive information about how incorporating these three factors into authentication or order signing processes can significantly enhance banking transactions’ security, accuracy, and speed.

Chapters in this book

  1. Frontmatter I
  2. Preface V
  3. Acknowledgments VII
  4. Contents IX
  5. Part I: Introduction to Data Enabled Management
  6. Chapter 1 What Does Artificial Intelligence–Powered ChatGPT Bring to Academia? A Review 1
  7. Chapter 2 Education Policies Through Data Driven Decision Making: Accelerating Inclusive Education for People with Disabilities 15
  8. Chapter 3 The Role of Artificial Intelligence in the Emerging Digital Economy Era 33
  9. Chapter 4 A Review of Machine Learning Methods for Diagnosis and Classification of Thyroid Disease 51
  10. Chapter 5 A Question and Answering System Using Natural Language Processing and Deep Learning 65
  11. Part II: Role of AI and Big Data in Management Functions
  12. Chapter 6 The Reinvention of HRM Practices Through Artificial Intelligence: Opportunities and Challenges in the Digital World of Work 87
  13. Chapter 7 Challenges and Artificial Intelligence–Centered Defensive Strategies for Authentication in Online Banking 105
  14. Chapter 8 Catalyzing Human Potential: The Crucial Role of AI in Modern HR Management 119
  15. Chapter 9 Exploring How Artificial Intelligence is Changing the HRM Landscape: Refuting the Fiction with Reality! 131
  16. Chapter 10 Artificial Intelligence in HR: Employee Engagement Using Chatbots 147
  17. Part III: Application of AI in Different Sectors
  18. Chapter 11 An Empirical Analysis of Artificial Intelligence Applications of Manufacturing Companies in Turkey 165
  19. Chapter 12 A Comprehensive View of Artificial Intelligence (AI)–Based Technologies for Sustainable Development Goals (SDGs) 183
  20. Chapter 13 Leveraging Artificial Intelligence for Enhanced Risk Management in Banking: A Systematic Literature Review 197
  21. Chapter 14 Exploring the Influence of Artificial Intelligence on the Management of Hospitality and Tourism Sectors: A Bibliometric Overview 215
  22. Chapter 15 Artificial Intelligence in Healthcare Sector in India: Application, Challenges and a Way Forward 233
  23. Chapter 16 Application of Artificial Intelligence and Machine-Learning Algorithms for Forecasting Risk: The Case of the Indian Stock Market 249
  24. List of Figures 263
  25. List of Tables 265
  26. About the Editors 267
  27. Index 269
https://doi.org/10.1515/9783111172408-007

Chapters in this book

  1. Frontmatter I
  2. Preface V
  3. Acknowledgments VII
  4. Contents IX
  5. Part I: Introduction to Data Enabled Management
  6. Chapter 1 What Does Artificial Intelligence–Powered ChatGPT Bring to Academia? A Review 1
  7. Chapter 2 Education Policies Through Data Driven Decision Making: Accelerating Inclusive Education for People with Disabilities 15
  8. Chapter 3 The Role of Artificial Intelligence in the Emerging Digital Economy Era 33
  9. Chapter 4 A Review of Machine Learning Methods for Diagnosis and Classification of Thyroid Disease 51
  10. Chapter 5 A Question and Answering System Using Natural Language Processing and Deep Learning 65
  11. Part II: Role of AI and Big Data in Management Functions
  12. Chapter 6 The Reinvention of HRM Practices Through Artificial Intelligence: Opportunities and Challenges in the Digital World of Work 87
  13. Chapter 7 Challenges and Artificial Intelligence–Centered Defensive Strategies for Authentication in Online Banking 105
  14. Chapter 8 Catalyzing Human Potential: The Crucial Role of AI in Modern HR Management 119
  15. Chapter 9 Exploring How Artificial Intelligence is Changing the HRM Landscape: Refuting the Fiction with Reality! 131
  16. Chapter 10 Artificial Intelligence in HR: Employee Engagement Using Chatbots 147
  17. Part III: Application of AI in Different Sectors
  18. Chapter 11 An Empirical Analysis of Artificial Intelligence Applications of Manufacturing Companies in Turkey 165
  19. Chapter 12 A Comprehensive View of Artificial Intelligence (AI)–Based Technologies for Sustainable Development Goals (SDGs) 183
  20. Chapter 13 Leveraging Artificial Intelligence for Enhanced Risk Management in Banking: A Systematic Literature Review 197
  21. Chapter 14 Exploring the Influence of Artificial Intelligence on the Management of Hospitality and Tourism Sectors: A Bibliometric Overview 215
  22. Chapter 15 Artificial Intelligence in Healthcare Sector in India: Application, Challenges and a Way Forward 233
  23. Chapter 16 Application of Artificial Intelligence and Machine-Learning Algorithms for Forecasting Risk: The Case of the Indian Stock Market 249
  24. List of Figures 263
  25. List of Tables 265
  26. About the Editors 267
  27. Index 269
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