Multi-factor authentication system for securing mobile money transactions using mobile money services in Ivory Coast

Mobile money is a financial service available on mobile phones. The evolution of mobile telephony in Africa, and particularly in Côte d'Ivoire, has led to the growing evolution of mobile money services. These services have revolutionized the lives of citizens who do not have access to or do not have a bank account. Thanks to the mobile money service, any citizen can now transfer, withdraw or save money and even make payments. However, with the digitalization of systems, users of these mobile money services suffer from cyberattacks thanks to the scale of social engineering. To slow down and fight against this evolution of cyberattacks. In this article, we propose a new multi-factor authentication system in the context of mobile money transactions unlike the two-factor authentication system. We have developed an authentication algorithm for transfers using a password, fingerprint or secret word and a secret code. For direct deposit, we have proposed a system that provides a withdrawal code to the issuer that the recipient must provide upon withdrawal. We also proposed an authentication algorithm for password changes based on the current password and a secret code to provide. These contributions will help curb deposits made by mistake, scams and theft of mobile phones with password theft.