Communications of the ACM
Students Develop Secure New Procedure For Online Banking
A new security process for online banking uses a smartphone instead of a transaction authentication number-generating device.
Credit: Panola National Bank
University of Tubingen researchers, working with GFT Technologies, have developed a process that makes online banking more secure.
When customers want to make a bank transfer from home, the bank sends them a transaction authentication number (TAN) for each transaction, which is confirmed when the TAN is entered. However, the process is risky because TANs are sent by text message or generated by a chip TAN device.
With the new NFC-TAN process, the TAN-generating device is replaced by the user's smartphone. The user sees a two-dimensional code on their home computer, and scans this into their phone using a special bank app. Once the transaction is confirmed on the smartphone display, the user holds the account card up to the phone, and the card generates the TAN and transmits it via near-field communication technology to the phone.
"It is a more secure procedure than the text-message TAN," says Tubingen's Bernd Borchert. He also notes it is easier than employing a TAN generator, as no additional device is required.
From Universitat Tubingen, Germany
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