Abstract
In recent years with remarkable development in technology, single factor authentication e.g., passwords are no longer considered secure. The widespread adoption of online financial transactions has raised concerns about the security of digital payment systems. Multi-factor authentication is a security mechanism that entails employing additional techniques in addition to the usual login and password to verify a user’s identity. The use of two stage authentication has emerged as a critical security technique to reduce the risks of unauthorized access and fraudulent activities. This paper looks at how two stage authentications might improve the safety of online financial transactions. The paper examines the efficacy of two stage authentication in avoiding unauthorized access and financial fraud through a thorough analysis of recent literature and case studies. It explores numerous two stage authentication techniques, highlighting their advantages and disadvantages. These techniques include SMS-based codes, biometric verification, and hardware tokens. To overcome the shortcomings of the existing technique, we proposed a system that includes fingerprint authentication along with PIN at the time of money transaction to avoid unauthorized access.