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P. S. Sakhare, D. Y. Chirayil

Due to the fast development of information and communication technology (ICT), the modes of transaction in banking sector has been changed from on-side to remote and upgraded to telephone banking, and quickly entered into the era of online-banking. Currently, it has been moving towards the generation of M-banking (mobile banking).In order to provide the security M-banking has adopted, one-time password (OTP), smart card, user-defined password, as a remedy over the risk of stealing while M-banking is undertaken. The previous technologies used to send OTP's to the personal mobile phone, but now most smart mobile phones can easily perform M-banking. Thus, there is a higher risk to information security due to mobile phone hacking. The personal biometrics (finger, face and iris) have been adopted and combined with the OTP for the verification of M-banking. The server side then generates an client defined OTP message and transmit that to the mobile phone via internet. Now the user is supposed to enter the OTP received via a webpage of the M-banking system for the purpose of verification in order to gain authority to perform further transactions.