Novel approaches to user authentication and authorization in online banking security systems

Posted: Oct 08, 2023

• Maria Sanchez
• Mason Scott
• Mateo Brown

Abstract

The digital transformation of financial services has fundamentally altered how consumers interact with banking institutions, creating unprecedented convenience while simultaneously introducing complex security challenges. Online banking systems have become primary targets for cybercriminals, with authentication mechanisms representing the first line of defense against unauthorized access. Traditional authentication methods, including passwords, security questions, and one-time codes, have demonstrated significant limitations in the face of evolving attack vectors such as phishing, credential stuffing, and social engineering. The financial industry faces a critical dilemma: how to enhance security without compromising user experience or introducing excessive friction that drives customers toward less secure alternatives. This research addresses these challenges through the development of an innovative authentication and authorization framework that moves beyond conventional approaches. Our work is distinguished by its integration of three complementary security domains: behavioral biometrics for continuous authentication, quantum-resistant cryptography for future-proof encryption, and adaptive risk assessment for context-aware authorization. This multi-layered approach represents a paradigm shift from static authentication checkpoints to dynamic, continuous security monitoring that adapts to both user behavior and environmental risk factors.