Internet banking payment protocol with fraud prevention

In this paper, we propose a secure Internet banking payment protocol (IBPP), which is suitable for Internet banking payments and facilitates fraud prevention mechanism. The proposed protocol employs a dynamic key generation technique that relies on advanced authentication technologies such as biometrics and smart cards to prevent a fraud. The proposed protocol also satisfies transaction security properties provided by other payment protocols such as SET and iKP. The formal analysis illustrates that our protocol achieves the goals of Internet payment protocols. Moreover, the involved parties´ information is not required to be sent during transactions which results in a security enhancement of the system.