Designing multifactor secure authentication architecture for financial transactions

Security is an alarming issue for web based online financial transactions. There are various internet threats which affect the security system of internet and increase risk for electronic transaction. Current authentication techniques for online payment system are not very much secure. Single factor authentication technique for online payment system is not very secure to protect users from identity theft, as a result any attacker gain the access on confidential information of the user. Strong customer authentication is necessary to enforce security and assist financial institutions to detect and decrease user identity thefts. Hence, there is need of Multifactor Authentication techniques for secure financial web transactions and to increase faith of users on wireless financial transactions. An authentication system is required that is highly secure.