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http://dx.doi.org/10.13089/JKIISC.2018.28.6.1475

Proposal for 2-WAY Trade Verification Model that Based on Consensus between Trading Partners  

Lee, Ig-jun (Department of Information Security Engineering, Soon Chun Hyang University)
Oh, Jae-sub (Department of Information Security Engineering, Soon Chun Hyang University)
Youm, Heung-youl (Department of Information Security Engineering, Soon Chun Hyang University)
Publication Information
Journal of the Korea Institute of Information Security & Cryptology / v.28, no.6, 2018 , pp. 1475-1487 More about this Journal
Abstract
To verify remitter's identity when the remitter transfers money to a recipient using an electronic financial service provided by the financial institution, the remitter inputs the information; such as the withdrawal account number, the withdrawal amount, the password pre-registered with the financial company, or the information from authenticating medium that is previously distributed by the financial institution. However, the 1-Way transaction between the financial institution and the remitter is exposed to a great risk of accidents such as an anomaly remittance or a voice phishing fraud. Therefore, in this study, we propose a 2-WAY trade verification model for electronic financial transaction that can be mutually agreed by allowing the recipient to share the transaction information with the remitter and the financial company. We have improved the traditional electronic financial transaction's method by replacing it to 2-WAY trade method, and it is used for various purposes; such as preventing an error within the remittance or voice phishing fraud, enhancing loan transaction and contract transaction, etc. Through these variety of applications, we are expecting to reduce the inconveniences while improving the convenience of financial transaction and vitalizing the P2P transaction of financial institution.
Keywords
Authentication; transaction authentication; voice phishing fraud; error remittance;
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