E-CHEQUE: Re-Defined Era for Financial Transactions
Keywords:E-cheque, money, compliance, paper, public key encryption, QR Code, Password, Dynamic
Cheques are used to transfer money from one party to another, has the potential to capture a massive amount of financial value but on the other hand is a piece of paper which can be tarnished and torn into pieces and is fragile. The main objective is to create a E-Cheque application, where the mentioned issues will be eradicated by simply digitizing the cheque. Using an E-Cheque would raise a handful of security questions but utilizing the help of four security technologies these problems are minimized. The approach for dynamic password generation is to generate a password which would be resistant to a selected cyber security attack and would be a key-helping hand to remember the password. Secondly, with the use of OTP together with Voice Biometrics, where an OTP would be used as the first level of security and voice biometrics as the second level to increase security. To cover the compliance point of view, a comprehensive compliance policy is created hence applied to the application. Finally, QR Code generation which is generated with a E-cheque details received from user, then encrypted to generate the QR code and transferred through a chat socket where digital signature will be mandatory to transfer the QR based E-cheque, and therefore when all components are paired together creating a world security standard E-Cheque application.
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