Online Fraud Transaction Research 2022

Running head: ONLINE FRAUD TRANSACTION
ONLINE FRAUD TRANSACTION
Name of the Student
Name of the University
Author Note

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Table of Contents
Chapter 1: Introduction..............................................................................................................2
1.1 Background..................................................................................................................2
1.2 Problem Statement.......................................................................................................3
1.3 Aim, Objectives and Research question......................................................................3
1.4 Research Structure.......................................................................................................6
Chapter 2: Literature Review.....................................................................................................7
2.1 Introduction......................................................................................................................7
2.2 Negative Impact................................................................................................................7
2.3 Gap Analysis....................................................................................................................8
Research Methodology...............................................................................................................9
Chapter 3: Research Methodology...........................................................................................12
References................................................................................................................................12
Referencing:.............................................................................................................................15

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Chapter 1: Introduction
1.1 Background
Cybersecurity is very much needed nowadays. The online transaction is an essential part
of every sector to complete any type of transaction and financial cases. The technology is
taking a huge step, which is always focused on development. Each and every day the
development is taking a part which will help transaction and the money transfer made easy.
Now each of this transaction is dependent on the digital automation created by the human
being. That is why it can be said that the transaction can be less secure for this adjustment.
Suppose anyone wants to transfer an amount of money to the other place or the bank account.
Now, after the digital transaction, it can be said that the amount will not transfer into the
target account physically. The data of the money transfer will be recorded, and instruction has
been sending to the target account. According to that instruction, the data will be updated in
the targeted account. Now this, this transaction has been doing digitally with the help of the
transaction (Khairnar and Kharat, 2016). That is why it can be said that data loss can happen
in the path of the transaction. Sometimes it can also be hacked. That is why cybersecurity is
needed properly. The research proposal is aiming and containing the importance as well as
problems where the proper explanation and necessary have been discussed properly. It is a
huge issue nowadays. Because there are several fraud cases and the hackers are waiting to
hack the data and can misuse them for their own purpose. They are efficient enough to do
targeted people harassment properly. That is why awareness is needed. QR technology is
hugely used by the people nowadays for the online transaction. The QR barcode scanning is
also required for the data or cash transfer. With this new technology the transfer is easy, but it
has Risk also. That is why the proper protection and security is very much needed (Cai and
Zhu. 2016). The financial stability can be hampered through the various attacks of the

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financial institution. The research has been done on the topic of cyber risk; with various novel
documentation.
1.2 Problem Statement
Now there are several problems has been detected about this scenario. First of all, the
cyber security is needed for every point of life. All of the data record and the transaction
have been done with the computer nowadays. The primary data has been stored in the
devices that are sole property of the organization whereas secondary data has been stored
in the database. That is why it can be said that the data can be lost in the path anywhere.
The main problem is there are several hackers are waiting to hack the data, and they will
ask for the money against the data. An example can be taken (Fu et al., 2016). The Wanna
Cry attack has been made with this procedure. The hacker has been sending a malicious
mail to the targeted account. After opening the mail, the targeted pc was corrupted with
the programming code; to open this corruption a key is needed which will provide by the
hacker; if and only if the victim will provide the asking amount of the hacker. Sometimes
the worm attack will target the database or the sensitive personal data. This process will
heavily damage the financial condition of the country. Sometimes the data can be lost by
the irresponsible behaviour of the user. The online transaction is dependent on the UPI
pin or the password. If the user will lose the pin or the hacker will hack the system, then it
can be said that his/her account will be unsafe. So it is a huge problem in today’s world
(Dai., 2016). Cyber protection is heavily required. If the data will be lost with any type of
hacking or other reason. Then the financial issue will be happened in the country. In a
country if the online transaction is needed; then it have to be complete properly.
Otherwise the online transaction should stop at that area.

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1.3 Aim, Objectives and Research question
The Aim of the research is to analysis the bad impact of the Visual Cryptography
and QR as well as the critical analysis of the research properly.
• To study the security issues, challenges and preventive measures for real time online
transaction (cyber fraud) in the banking sector.
• To investigate how different data mining algorithms can complement to detect,
predict and prevent online fraud in the banking sector.
• To examine how Visual Cryptography and QR can be used to secure the online
transaction process.
• To provide procedure and policies to promote public awareness of secure online
transaction.
Some research question to be included:
1. What are security issues and possible countermeasures against cyber fraud in the
banking sector?
2. How can different data mining algorithms be used to detect, predict and prevent cyber
fraud and others cybercrime in online bank transactions?
What are the cryptographic algorithms currently used for cybersecurity in the banking
sector?
3. Are these cryptography techniques best countermeasures to secure online
transactions?
4. How does visual cryptography with QS secure online transactions with better speed
and efficiency compared to other algorithms and security techniques?


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1.4 Research Structure

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Chapter 2: Literature Review
2.1 Introduction
Cyber fraud is a huge problem nowadays. That is why the protection of every
company is needed to secure their system properly. People are trying to convert their habit to
spend the cashless money format. So people love to use the online transaction with various
application. First of all, this type of transaction has been done by net banking. After that, all
transaction can be done now in mobile apps (Zhang ., 2018). Various attacks are participating
in this procedure. Suppose a hacker will send various malicious emails to the victim’s mobile
phone. After that, when he/she are trying to do some transaction; at that moment, the
sensitive data may be lost. The researcher will al. Those are stored in the hacker’s database.
After that, the hacker will misuse those data. The overall process is a bad procedure which
will create such as situation, that hacker can transfer all his cash amount through the process.
That is why the QR code verification and cryptographically security is needed. In the new
schema in the visual cryptography is needed (Sagar, Singh and Mallika, 2016). The QR code
scanning procedure is added, and the one-time passcode verification is sent to the user in
every transaction. The visual code converting is used for the QR code scanning. This
phishing problem should be removed. Nowadays, it is difficult to carry a huge amount of
money with the user. Because there is a problem for the stolen money situation, that is why it
is needed that cashless transaction is very much important (Roof., 2019). So QR code
scanning might create a problem for solving the situation.
2.2 Current authentication technology
Financial sectors including banks need to have a strong authentication process.
Bamnks include several personal and critical data and information of customers and account
details. Therefore, authentication in banks have been necessary step in their operations.

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Financial organizations need to be have multiple security measures. However, there are
several authentications processes and steps are done in modern banks. Some of these
authentication methods are discussed below:
Usernames and Passwords
These are basic forms of authentications which is operated by username and passwords.
However, this type of authentications are very weak in nature. Assigning a unique identifier
for user and providing a secure passwords are the main steps of this process. However,
hackers can easily crack these login credentials based upon human psychology. Passwords
need to easily remember by the user and they create a simple passwords. However, need to be
changed time to time and create a string passwords. This help in secure online financial
operations ovtre the internet.
PIN
A personal identification number (PIN) is used which is similar to passwords. It is a numeric
format as per passwords and kept secret. Generally, PINs are of 4 digit numbers rangimng
from 0000-9999 which results to 10,000 possibilities of cracking the PIN. Therefore, this
become easy for hackers to predict these numbers of probabilities and breach into user’s
account.
One Time password
This is also similar to username and password. User get a message of one-time password
which has validity for few minutes. Several computations and hashes are created on user’s
secret password and is verified by computations. This type of authentication can prevent from
passive attacks.

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2.3 Existing Visual Cryptography with QS technology
In a few years, QR technology has been very much popular. In the various application, the
QR code scanner has been included properly. That is why; it is used in the money transferring
application. The procedure is to scan the personal QR code bar, where the sender will send
the money; then transfer it to the account. The procedure is simple and less time-consuming
(Chitragar ., 2016).
On the other hand, visual cryptography is also needed in this field. The visual cryptography
has been detecting the target object and send it to the target with a cryptographical format.
After that, the data will be appropriately changed. It can be said that both are advanced
technology nowadays. Now the problem is if the QR code bar will detect the wrong account
and for this reason, the transfer can be done by the wrong account. This is why the researcher
will research about the scenario to complete the process. The visual cryptography will help to
manage the transaction which can be verified properly (Zhang., 2018). The image has been
sending to the target to complete the process for image verification. This is why the
cryptographical languages use to prevent fraudulent transactions. In the other hand the visual
cryptographer will detect the decryption key with the unconsciousness. That is why the
wrong transaction has been done. In the other hand; if any linked send by the hacker and the
receiver open it. After that, all data and password will be hacked at the time of using. So there
are huge feedback has been recorded for these problems. Both of them are an essential
technology for the transaction. But the problem is; the procedure should be secured for
everyone (Sadacharam and Viswanathan.,2017). If the fraud case has occurred from the any
country; then the economic effect will be huge for the victim country. Except that various

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hacking problem has been done through this procedure. The impact of the QR and the Visual
cryptography are huge. The transaction of the fraud technology will create a huge effect;
which will analysed by the researcher. The safe and the secured transaction is needed in each
and every company for the completion the task.
2.3 Gap Analysis
Current authentication methods used in the banking systems are weak in privacy.
These methods can easily be hacked and breached out by hackers. Passwords and usernames
are easily predictable based on human nature and psychology. Identifying the pattern with
various data set is needed to solve the procedure. The real time online transaction is also
needed to check the fraud system properly. Also the public awareness is required to analyse
the gap analyse accurately. Therefore, there is a huge gap in current authentication methods
used in the financial sector. The application of the cryptography algorithm should be applied
in the finance sector properly. Except that the data mining algorithm is one of the technique
which should be applied in the security protocol; those are used of the security purpose.
Suppose the QR code scanning problems. If the scanning has been done through the
electronic gadget then there is a chance of scenario; which is needed to be verified by the
researcher. At the previous time it has been detected that the software issue was creating huge
problems. Barcode scanning should be checked by the researcher.
Chapter 3: Research Methodology
The process for achieving the collected data in research is known as methodology.
There are mainly two categories of the research approach or methodology, and they are
reasoning and analysis of data and collection of data approach. Furthermore, there is a
deductive approach and inductive approach that is considered in the analysis of data
(Zaslavsky et al.2016). The deductive approach deals with the deduction test of the research

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theories, and the inductive approach deals with the collection of new theory from the data
which are collected. Here, the deductive approach is used by the researcher for investigating
in the research work as it moves from a very general level to a deep and specific level
(Tshane., 2018).
The deductive approach is beneficial for the quantitative investigation of the research.
The respondent of the research investigation is consistent in nature. Particular enquiries with
a very to the point investigation can be achieved using the deductive approach. Hence it is
proved to be beneficial. The deductive approach helps in creating a highly structured
presentation of the idea of the change in scope and the objective of the project management
research work, which helps in creating an optimal scope for the project management (Kolli.,
2017.). There is enough information about the project scopes and objectives regarding the
research work, along with the changes in the objectives that are present with the researcher.
This assists the research person to proceed with this research in a practical approach. The
deductive approach begins with defining the principles and the properties and terminates only
after completion of the theory, hypothesis, observation and confirmation of the concept
(Kumar., 2016).
The design for collecting data with the process of integration of different aspect of the
research coherently and logically can be created by the research design prepared by the
researcher. The research design analysis has to be perfect as the problems regarding the
research are addressed in this, which the basis of the research work to identify the problem
and fix it. Blueprint of the data measurement, may it be observational or experimental, can be
achieved from the business designing research design. In general, there are three types of
research work (Karmawan., Fernandoand, and Gui, 2019). They are namely descriptive,
explanatory and exploratory in nature. Exploratory researches deal with research issues which
are discussed and studied in a descriptive manner. Explanatory research design helps in

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conceptual understanding of effects and causes of the variables concerned. Descriptive
research design is used for explanations, analysis, and determination of characteristics along
with studying other aspects of the research in details (BagusPriambodo 2016).
The whole research has been done through C++ coding. The line transaction has been done
with the procedure of the extended visual cryptography. So the visual cryptography can be
maintained through the C++ language. The descriptive design is justified along with proper
analysis. The outline of the project is clearly justified in the descriptive analysis along with
why this is chosen as the outline for creating the research work and individuals role in the
research also have a mention in this design. The subjective examination is performed for the
investigation of the observational route of the task, and the quantitative method is chosen as
the way of examining the numerical path. Information is taken from the population of a
sample that is provided (Balasubramanian ., Ephrem and Al-Barwani., 2017). The data is then
analysed with the help of descriptive analysis. The data collection process is huge in the
project management studies as there are various stakeholders in this process. Descriptive
analysis is capable of providing exact data from a huge amount of the data. Determination
and observation of the events along with organization can be obtained from the descriptive
statistics. The data collection is needed for the survey properly. It cannot be specified if the
country has only one or two cases of the fraud transaction; then it is also considered as a
danger.
Data collection method:
The researcher in this research has made use of both the primary and the secondary
data collection method. The data collection method is a procedure of collecting data in order
to successfully conduct research (Shraim and Shull,.2016). The primary data is the data
generally collected from sources with whom interaction is possible like the experts in the

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particular field and it is possible only with the help of survey and interview. Hence the
researcher has conducted a survey and interviewed a few experts. These data are raw data that
has to be formulated by the researcher. This data are limited as only a limited survey can be
done by a person in a given time period, unlike the secondary data. The secondary data, on
the other hand, is limitless and has no bounds (Leite et al.2016). They can be gathered from
the newspapers, articles, journals, books, magazine and mostly internet. The secondary data
are found in abundance and are effective. In case of internet, the validity of the data is not
ensured as they are open source and can be edited according to the knowledge of people.
These are the issues in both data collection methods hence, both are used for utility and
validation (Sagar, Singh and Mallika., 2016).

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