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Arthanari Chandrasekaran

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Making Online Money Transactions Safer.

This is related to online money transaction in banks. There are loopholes in this mechanism and i believe my idea can make it more robust.

In the current eCommerce applications or online retail applications the following process is followed.

1. The user selects a product.
2. Adds it to cart after reviewing the product and price details.
3. Clicks on purchase.
4. User is taken to secure 3d authentication page for entering bank details.
5. Then taken to Visa/ Mastercard page for second level password protection (sme more authentication happens in the background).
6. Then the money transaction happens from our account to the seller account.
7. Process completed.

I see a major threat in this process and have seen many people facing this same issue. As it is something related to finance there is nothing to think about whether the problem is big or small. This is always a critical issue.

I believe including the below steps after step 5 in the above process will make the whole online experience more secure, fail proof, hack proof and increase the confidence among people in eCommerce and will invite more and more people to make use of this awesome feature.

5. After this step
a. Once the visa process is completed the user should be prompted to login into his bank account.
b. All transaction requests should be listed in a page.
c. User should approve the transaction which he thinks is authentic.
d. After approval the process jumps to step 6 in the above process.

This approach will help avoid many technical difficulties like
server down,
slow internet connection,
the money transaction being completed but the status page showing transaction failed.

Please let me know your opinions on this approach.

If someone is wiling to take this to next level i would be interested in some more ideas that i have been thinking through.

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    Jul 20 2012: To make online transactions more secure I wouldn't mind seeing the possibly of opting in to something like a PGP private key. I'm not sure how the Verified by Visa thing works, exactly - it never asks me for anything. My own bank seems to do all the anti-fraud work, oftentimes nixing all sorts of legitimate transactions because they prefer to play it safe and assume a lot of transactions are fraud unless pre-cleared by the customer. That's a lot of extra hassle for both parties. Without the passphrase to the PGP file (ostensibly only stored in the owner's head), stealing the file itself would be useless to thieves.
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