IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF COMPUTER SCIENCE AND MATHEMATICAL THEORY (IJCSMT )

E-ISSN 2545-5699
P-ISSN 2695-1924
VOL. 10 NO. 6 2024
DOI: 10.56201/ijcsmt.v10.no6.2024.pg32.58

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Multi-Layered Hybrid Security Framework for Online Banking Transactions

O. Sarjiyus & I. Manga

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Abstract

The concept of information security in the financial industry is not merely an organizational priority, it is a cornerstone of trust, ensuring stability and resilience of the entire economic infrastructure. The financial sector of Nigeria as a crucial pillar of the country’s economy is undergoing a transformative digital revolution. As financial institutions navigate the complex terrains of evolving cyber threats, regulatory frameworks and customer expectations, a holistic and proactive approach in information security becomes paramount. This research explores the landscape of information security in Nigeria financial sector addressing key challenges, current practices with a clear focus on emerging trends by strengthening major parameters for safety of online data transmission by seeking to examine common security challenges bedeviling transactions of bank customers with a view to protecting them from all forms of malicious tendencies and threats posed by hackers and attackers and mitigating these attacks using a multi- layered hybrid security framework. For the methodology, data elicitation is primarily done using the Key Informant Interview Method (KIIM) using seven banks namely UBA, GTB, Polaris bank, Union bank, Stanbic IBTC, First bank, Fidelity bank. The secondary method was used draw data from journal articles, lecture notes, conference papers and proceedings while the design of the new system was based on a multi-layered approach, incorporating up to five (5) security parameters in a bid to drastically reduce the challenges and threats to Internet banking. The system's model design is systematically structured to effectively capture and display key functionalities and expected attributes for optimal output. Various modeling tools, including class diagrams, activity diagrams, DFDs, and use case diagrams, are used, while the database is designed with an entity-relationship (E-R) diagram to ensure a robust framework. MATL

keywords:

Cryptography, Cyberthreats, Information Security, Smartcard, Steganography,

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