Journal Article

An OTP Model for Securing of Automatic Teller Machine (ATM) Transactions

Oladipupo, E.T., Siyaka, O.H., Nzeako, C.B., Ataneh, C., Salihu, H.D. and Ekeh, O.J.

Abstract

The present use of pin and password provide only single security layer to the use of Automatic teller machine (ATM). However, if password/pin is compromised by the hacker, the ATM can be use for legitimate transactions by an imposter. In this research work, a model which introduces one more layer of security for securing ATM transactions in case password/pin is compromised is proposed. With this new layer, the hacker will not be able to carry out any transaction unless the OTP is provided. The working of the model is such that once a user inserts ATM card into the machine and type in the correct password and PIN, an OTP code is sent to the registered phone number during the collection of the ATM card. It is believed that if PIN/password is compromised, this second authentication measure will be very difficult to break.

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