Download Project Document/Synopsis
Nowadays people often need to transfer cash from one account to another. In such cases they need to go to bank or search for PC connected to internet to get access to the services offered by internet banking for reliable fund transfer. This system proves to be really beneficial in such cases. As with the help of this system the user just needs to enter the account details. For security, DES algorithm is used along with instant verification and consistency check algorithm. All these are performed for secure electronic fund transfer. Thus, a user just needs to visit any EFT center, in order to make the payment.The transfer is done instantly using a single portable card. In this way the user can make the payment securely as this system uses DES for security and the transfer is being done instantly. As soon as the user card is scanned, it receives a SMS message.SMS consists of OTP which is unique. All the user needs to do is enter this OTP received which increases level of security. After OTP the user needs to enter account details.This data is being encrypted using DES before sending it over the network.Thus, this system ensures security for electronic fund transfer using DES.
- The system improves the security of EFT’s.
- Use of OTP provides second level of security.
- The system is cost effective and cheaper than usual EFT systems.
- New card requires less time for creation.
- It is safe communication technique.
- Main Advantage of this System is that other users will not know what communication is held by the 2 user.
- DES algorithm can hardly be cracked.
- If card is lost there is no way to interact with system.
- Needs a security guard at EFT center.
- OTP may take time to be received on mobile.
- It will need much more memory to safe encrypted message, and decrypt receiving messages.
- Process takes longer time than normal communication.