Full Project – Design and implementation of a multifactor bank transaction authentication system using email verification

Full Project – Design and implementation of a multifactor bank transaction authentication system using email verification

Click here to Get this Complete Project Chapter 1-5




Multi-factor authentication is an electronic authentication method in which a computer user is granted access to a website or application only after successfully presenting two or more pieces of evidence (or factors) to an authentication mechanism: knowledge (something the user and only the user knows,) possession (something the user and only the user has,) and inherence (something the user and only the user is). It protects the user from an unknown person trying to access their data such as personal ID details or financial assets.

Daily routines have changed. The things we used to do in person, such as going shopping, banking or booking holiday, we now do online. We’re used to entering our details on different registration websites and carrying out transactions via the web.

One of the benefits of multifactor authentication is that it prevents identity theft. Imagine if you receive a fake email with a link that directs you to a fake login website impersonating a service provider you use. If you have multifactor authentication activated on your shopping or banking apps, no matter how much relevant information they’re managed to retrieve, such as your password, it will make it harder to proceed with their attack. The person trying to get into your account with your password will always come up against an authentication factor – one that only you have.

Here is another benefit for most email and social media accounts. With the MFA option activated on your accounts, when you login from a device you don’t normally use, these sites will send a verification code to your phone or personal email to check if it’s really you. So if anyone manages to get your username and password, they won’t be able to access the account if the login from the new device isn’t verified.

Two-factor authentication (known as 2FA) is a type, or subset of multi-factor authentication. It is a method of confirming users’ claimed identities by using a combination of two different factors: 1) Something they know, 2) something they have, or 3) something they are. A third party authenticator (TPA) app enables two-factor authentication, usually by showing a randomly-generated and constantly refreshing code which the user can use.

Two-step verification or Two-step authentication is a method of confirming a user’s claimed identity by using something they know (password) and as second factor other than something they have or something they are.

Over the last decade, the shift towards online businesses has gained momentum. A sector in which online services are becoming predominant is the banking sector, were most banks have started offering their services online. Online banking services allow customers to remotely access their bank accounts and financial data as well as to perform online payments and other financial transactions. These services are becoming increasingly popular among customers.

According to Eurostat, the number of European citizens using only banking services has doubled since 2007 and currently more than half of the European population use an online banking service daily. Resources managed by online banking services are sensitive and, thus, they should be properly protected against theft and other attacks.

In this context, users have to exhibit an identity proof that can only be provided by the users themselves, thus deterring attackers from breaching their online resources. The most common identity proof consists of user credentials,. i.e., username and password. However, they are often considered insufficient to achieve an adequate level of security and their use exposes users to several threats.


In this section, we introduce the main concepts related to Multi-Factor Authentication (MFA) in payment services. Our study of the literature has shown the lack of a common and consistent terminology in the field.

Among the others, we have identified two main authoritative bodies, namely the National Institute of Standards and Technology (NIST) and the European Banking Authority (EBA). These authorities target different aspects of MFA, i.e., the application of MFA for strong user authentication and for online payment services respectively. Here, we revisit and align the concepts from those sources to build a common terminology. The identified concepts and their relationships are depicted in Figure 1. Authentication is typically employed in information systems to verify users’ identity thus constituting a prerequisite to allowing access to resources.

A user’s digital identity is defined in as a set of attributes that uniquely describe a user in a specific context (e.g., a payment service).

In practice, the verification of a user’s digital identity is performed through a so-called authentication protocol. An authentication protocol is a sequence of actions that allow the digital authentication of a user by verifying the possession and control of specific categories of credentials called authentication factors (AF) (by NIST) on authentication elements.

An authentication factor can be of three different types;

  • Something the user knows (knowledge factors)
  • Something the user possesses (ownership factors)
  • Something the user is (inherence factor)

When an authentication protocol leverages more than one authentication factor, it is referred to as MFA protocol. The user starts the MFA protocol from her endpoint, e.g., a web browser or a mobile phone, and she authenticates by means of her authenticator factors.

The possession and control of authentication factors is attested through some specific objects called authenticators. An Authenticator is “something the user possesses and controls (typically a cryptographic module or password) that is used to authenticate the user’s identity”. There exist a variety of authenticators, classic examples of authenticators are memorized secrets, look-up secrets, out-of-band devices, one time password (OTP) devices (see Section 4.2.2 for a detailed overview). An authenticator can attest more than one authentication factor in which case it is referred to as multi-factor authenticator.

Every authenticator can generate an output value on demand, called authenticator output.  The ability to generate valid authenticator outputs proves that the user possesses and controls the authenticator (and thus the corresponding authentication factors). Nevertheless, the relationship between an authenticator and its output depends on the nature of the authenticator itself. In the case of a knowledge factor, for instance, an authenticator and the corresponding output are the same entity (e.g., the password or the secret code itself). On the other hand, in the case of ownership factors, the authenticator is the object used to generate the output, for instance, an OTP, which is the authenticator output.

It is worth noting that EBA introduces a refined notion of authenticator output, called authentication code.


The problem of the investigation is based on the following:

  • To find what multifactor bank transaction means to access bank in transfer verification.
  • To identify and examine critically the problem encountered in using email verification in bank transaction.
  • To examine and identify the demerit of multifactor bank transaction to staffs of Access Bank Plc in Ahiara Junction Imo State.


  1. To consult different authorities in the fields as to ascertain the desirability or otherwise of using multi factor bank transaction authentication system in Access Bank.
  2. To develop ways to improving on human inefficiency by using bank transfer authentication system efficiently.
  3. To evaluate the role of multi factor bank transaction authentication system towards the development of a access bank plc Ahiara branch.
  4. To find out the extent of problems associated with the provision of these services, with a view to provide solutions to these problems.

It is obvious to note that this project work will enlighten readers and serve as bedrock for information analysis on comprehensive Multi-Factor Bank Transaction Authentication System. In addition, this study will be useful in the achievement of a smooth and efficient educational system in the country, because when a customer gets his entitlement, industrial peace is rest assured.

This study is considered significant in the following ways:

  • It would help to determined how Multi-Factor Bank Transaction Authentication System would contribute to industrial peace.
  • The study would help to reveal how to enhance the efficiency and effectiveness of a customer using email verification.
  • It will serve as wealth of knowledge to tap from on research related to Multi Factor Bank Transaction Authentication System.




The Multi-Factor Bank Transaction Authentication System is a wide topic, but this project will be based on the Multi Factor Bank Transaction Authentication System using email verification. Case study of Access Bank Plc Ahiara Branch Mbaise, Imo State.


Already, there are very few texts that deal exhaustively with Multi Factor Bank Transaction Authentication System. Lock of right research materials offers the first constraint to this study. Apart from lack of material, the few ones were very expensive.


An attempt has been made to explain terms used in this study, but nevertheless the more technical terms would be defined as the text progresses if the need arise.

  • Computer: An electronic device that accepts data as input, process these data and gives out a result with the help of an installed program.
  • Automation: This idea of converting the manual process of doing or solving the problem into a machine form to help in solving the problems.
  • System: An interrelated, interdependent component parts working in line as to achieve a common goal such as developing a payroll.
  • Database: A collection of integrated and related files.
  • Retrieving: Retrieving is the process of locating the stored data and making them available for other processing activities.


Get the Complete Project

This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $8 for international clients.

Click here to Get this Complete Project Chapter 1-5






You can also check other Research Project here:

  1. Accounting Research Project
  2. Adult Education
  3. Agricultural Science
  4. Banking & Finance
  5. Biblical Theology & CRS
  6. Biblical Theology and CRS
  7. Biology Education
  8. Business Administration
  9. Computer Engineering Project
  10. Computer Science 2
  11. Criminology Research Project
  12. Early Childhood Education
  13. Economic Education
  14. Education Research Project
  15. Educational Administration and Planning Research Project
  16. English
  17. English Education
  18. Entrepreneurship
  19. Environmental Sciences Research Project
  20. Guidance and Counselling Research Project
  21. History Education
  22. Human Kinetics and Health Education
  23. Management
  24. Maritime and Transportation
  25. Marketing
  26. Marketing Research Project 2
  27. Mass Communication
  28. Mathematics Education
  29. Medical Biochemistry Project
  30. Organizational Behaviour

32    Other Projects pdf doc

  1. Political Science
  2. Psychology
  3. Public Administration
  4. Public Health Research Project
  5. More Research Project
  6. Transportation Management
  7. Nursing





Full Project – Design and implementation of a multifactor bank transaction authentication system using email verification