Advancing Digital Payment Systems: Combining AI, Big Data, and Biometric Authentication for Enhanced Security

Abstract

Digital payment solutions have recently gained extraordinary popularity across the globe. Many individuals in cities or urban areas have begun to use these payment systems for financial transactions. The combined use of different advanced technologies is indispensable for widespread adoption. Various obstacles to performing financial transactions using digital payment systems must be considered. Among these obstacles, security is the most remarkable point. Although this online payment system is fast and convenient, the chances of fraud are very high. A cybercriminal can hack into the system, stealing personal information like phone numbers and passwords. This article will focus on a new digital payment security system that will take advantage of artificial intelligence (AI), big data, and biometric authentication (BA). When using this security system, a transaction request will be sent. First, it will check whether the phone number is a registered user and if it is, further authentication will be carried out. The system will automatically authenticate the user’s identity with the help of facial recognition technology that will analyze the features of the face. Further, the user has to show various gestures that are analyzed by the system. This and other personal information will be converted into a number and then encrypted before being stored in the database. The incoming transaction request will be compared against the personal number. If the user is not unique, the transaction request will be immediately rejected. Secondly, if the number matches but the user is fraudulent, the transaction will also be rejected. Only if both are unique, the system will check for duplicate numbers among the other transactions for the particular period. If other numbers are not found, the transaction is executed; otherwise, it is still rejected. This is done to find out fake and auto-generated numbers. This security system will be helpful to ensure the authenticity of the user in digital payment systems.