An Improved Security Model for Identity Authentication against Cheque Payment Fraud in Tanzanian Banks

Abstract

For most African countries including Tanzania, cheques are still commonly used for non-cash payments and financial institutions and businesses consider banks as safe place for their assets. During the last decade, Tanzania has noticed an increase of non-cash payment frauds that cause a huge economic loss and dismiss trust between clients and banks. In this paper we propose an authentication mechanism to improve the banks` security model and preserve the clients` assets safe. The client will be fully in control of any withdrawal transactions that can affect his assets at bank account. This proposed method is expected to reduce cheque frauds if adopted by Tanzanian Banks.

Keywords: Cheque fraud, Bank account, SMS authentication, One time pass generator, Authentication