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Integrated Approach for Increasing Security Level in Money Transactions through the Internet with GPS enabled Mobile Phones
C.S Rathnayake.
M.Sc Student
Post Graduate Institute of Science (PGIS),The University of Peradeniya,
Email: csaman@gmail.com
In early days people exchanged goods to carry out business transactions. Now in the modern world money is again disappearing and is being replaced by virtual money or E- Money (Digital Money).Modern Banking has rapidly changed because of e-Banking & e-Commerce.
Money transactions on the internet are always exposed to risks and Banks have to implement various security measures to avoid frauds.
Sampath bank has given an opportunity to their customers for accessing their accounts by using cutting edge technology. Therefore I have chosen Sampath Bank as the financial institute to implement my concept. The main purpose of the paper is to propose increase of security for internet-based transactions by using Global Positioning System (GPS) enabled mobile phones.
Customer can ask for additional security specifying that he requires additional security for his/her internet-based money transactions. The customer can instruct the bank to allow transactions only when he/she is within a geographic region or in a specific location. Bank can track the customer from his GPS enabled mobile phone and authorize his transaction by verifying by his local grid coordinates.
As an example if he has selected Sri Lanka as his geographic region the system will allow him to do transactions only when he is in Sri Lanka. System will track down his global position by checking his GPS enabled phone messages
Methodology:
Bank uses the normal customer database and an integrated GIS database to check location data and compares this information with data transmitted by GPS enabled mobile phone.
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