Secure Online Banking Authentication System Using Time Bound Password

The banking system is a key component of financial transactions and economic expansion in the modern world. The introduction of internet banking, however, has created some brand-new difficulties, particularly in providing safe user authentication. This study investigates the flaws in conventional authentication techniques, including passwords and SMS-based One-Time Passwords (OTP), and suggests a creative fix. By using Time-Based One-Time Password (TOTP) created by an authenticator app and encrypting the user credentials with this as key, the proposed solution improves security. By addressing problems including poor password habits, SMS theft, OTP delivery delays, phishing, and social engineering attacks, this method strengthens the security of online banking. The approach provides a thorough framework for building this secure authentication system by detailing TOTP generation and encryption. This system successfully defends against popular attacks such as replay attacks, brute force attacks, rainbow tables, packet sniffing, and random guessing.