Secure Electronic Fund Transfer Over Internet Using DES :
Abstract
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 DESSecure Electronic Fund Transfer Over Internet Using DES
CHAPTER ONE
1.1 Background of the study
Secure electronic funds transfer system is where a parent or guardian who is an account insider completes a direct debit agreement at the educational institutions to collect a fees from his account to the amount of educational institvtion (Daily Monitor 1.02.2008) Most books define electronic funds transfer in relation to point of sales. Alihasan ( 1998) defines it as “A system that allows a customer to pay for his or her purchases at the retailers store by transferring money from the customer’s bank account to the retailer’s bank account” Electronic funds transfer at point of sales is a system which permits the computer to be accessed by wiping a bankers card through a reader machine to check that funds are available in the customer’s account and sanction payment, the customers being debited and store credited (Colt Hellene V I 990) Tumusime Mutebile in (2005) in his annual speech defined it as a system where bank customers can instruct their banks to transfer funds from their accounts to named payees in other banks.
He further says that this Secure electronic funds transfer systemis especially convenient for payment of periodically recurring utility bills. Service delivery can be defined as a service or airnngement that supplies public needs (Kottler 2002) of both (2009) defines delivery as a periodic perfonnance of something therefore service delivery is a system u!1der which there is a periodic performance of supplying public needs. Banks offer several services among interests or charges imposed depending on the account held, safe custody of valuable of a cost, payment of bills on behalf of clients and payment of fees for example school fees through electronic transfet customers all round the globe and better 8ervice at a reasonable cost and a bank being under the service sector, its delivery is very crucial.
More Nigerians have been found to own gadgets that can connect them to the internet than bank accounts, thereby demonstrating the great potential of online money transfer in Nigeria. However, since its inception, online money transfer has been reported to make very little impact in the country. But with the policy put in place by the Central Bank of Nigeria (CBN) on cashless Nigeria the future of money transfer in the country lies in the hands on electronic transfer.(Odior,2012) 12 Nigeria’s primary aim of electronic money transfer is to promote a cashless society by providing financial inclusion for the over 80 million Nigerians who do not own bank accounts. 77% of adults in Nigeria are unbanked while there is well over 54% mobile penetration rate. This is especially significant because of the fact that 57% of Nigerians live in the rural areas where financial institutions find it commercially unviable to operate; thus emphasizing the immense potential of electronic money transfer services in Nigeria. (Philips Consulting Mobile Money Report, 2013)
1.2 PROBLEM STATEMENT
Research has proven that traditional money transfer systems are prone to attacks through falsified deposit slips and drafts, forgery of signatures, use of false cheques. This project intends to create a safe and easy platform to transfer money from one user or location to another. The cashless policy put in place by the central bank of Nigeria stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies. The new policy on cash-based transactions (withdrawals) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (CBN,2012). With the policy that has been put in place, there will be a greater need in the society to transfer money (especially in large amounts) through an electronic platform. This would help to solve the inability to withdraw physical cash(over N500,000) and give it to another individual or organization. 13 Also, a lot of transactions which are required to take place during the weekend or after banking hours cannot happen because banks do not open on weekends and do not attend to customers after hours. This Secure electronic funds transfer system offers a platform independent way to transfer money from one place to another at any time and on every day of the week
INSTRUCTIONS AFTER PAYMENT
- 1.Your Full name
- 2. Your Active Email Address
- 3. Your Phone Number
- 4. Amount Paid
- 5. Project Topic
- 6. Location you made payment from