Efficiently improving the security of OTP

The easy, convenient and remote access to internet is definitely changing the way we live. It has also become a major factor in the financial lives of millions. Using the Internet to carry out online banking simplifies our financial affairs when compared to the traditional banking method. The inclusion of Online Banking by different sectors like health, financial, educational institutions etc. which accounts for most of the population has not only increased its importance but at the same time has attracted the cyber criminals to take the advantage of the loopholes in the process of online transaction. The cybercriminals can make use of these loopholes and carry out transaction which might not come in the knowledge of user and the bank. Recent studies have shown that the OTP which was developed as a part of two factor authentication is vulnerable to attacks. In this paper, we present a new framework for enhancing authentication during online transaction which secures our OTP.