# A Secure and Efficient Multi-Factor Authentication Algorithm for Mobile Money Applications
## 2 Related Work
### Studies Related to Mobile Money Systems  
[PERSON] [14] presented a framework that uses PIN and iris biometric to improve the security of mobile money services. The framework has registration and authentication phases. The mobile money user's biodata, ID number, PIN, and iris biometric data are obtained, verified, and saved in the database during the registration phase. The mobile money user first logs in using their PIN, selects a mobile money service (such as deposit money or send money), and enters the agent or customer reference number and the amount during the authentication process. Then, the system requests the mobile money user to authenticate with iris biometric. If the iris feature matches with the copy stored in the database, the transaction is allowed; otherwise, it is rejected. The proposed framework prevents unauthorized access to mobile money systems and ensures convenience. However, it is susceptible to PIN challenges; the non-match error rate of iris recognition is high due to the pupil stretching and poor quality of the camera used during registration as well as iris deformity due to diseases. [PERSON] et al. [15] proposed a secure mobile money transfer system that uses PIN and iris biometric for Bangladesh's SMEs. In the proposed work, the subscriber's biodata, national identification number (NIN), phone number, PIN, and iris biometric are captured, verified, and stored in the database during the registration phase. The subscriber's PIN and biometric iris are used for authentication. The proposed scheme is secure, accurate, achieves better productivity, reliability, and customer satisfaction, and is resistant to impersonation attacks. However, eyeglasses can reduce the quality of the iris images and the accuracy of performance of the iris recognition systems. [PERSON] [16] proposed a multi-factor authentication scheme for mobile phones that uses device-specific ID, voice biometric, and PIN to secure M-Pesa transactions. The user's biodata, phone number, specific ID, PIN, and voice biometrics are captured and stored in the database for authentication in the proposed model. A user logs in using their specific ID, voice biometric, and PIN during the authentication. The login credentials are verified, and if they match, the user is authenticated; otherwise, they are rejected. The proposed model has higher efficiency, convenience, accuracy, authentication level and security, and it cannot be impersonated. Moreover, users do not have to install additional software to participate in the mobile money authentication process. However, it is susceptible to replay attacks and man-in-the-middle (MITM) attacks; additionally, the human voice changes over time, which may cause some errors in voice recognition. [PERSON] and [PERSON] [17] proposed a mobile money authentication system with high correctness. The user's biodata, unique identity number, and iris biometric are captured, verified, and stored in the database during the registration phase. The mobile money user logs in during the authentication phase using the unique identity number and iris biometrics. If the iris biometric matches the copy stored in the database, the mobile money user can perform a transaction. The scheme also authorizes transactions using the iris biometric. The proposed system is secure, robust, and reliable. However, the poor quality of the mobile camera used during iris biometrics registration and sagging of eyelids due to age results in a high non-match error rate. [PERSON] and [PERSON] [18] proposed a novel method of authenticating customers in an electronic wallet using a camera-captured fingerprint sample (Cam-Wallet). During the registration phase, the user's biodata, payment cards in virtual cards, and the visual template of the fingerprint are scanned and stored for authentication purposes. Then, the user's fingerprint is scanned and matched with the template stored in the secure element.