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One-time password algorithms are widely used in digital services to improve security. However, many such solutions use a constant secret key to encrypt (process) one-time plaintexts. A paradigm shift from constant to one-time keys could introduce tangible benefits to the application security field. This paper analyzes a one-time password concept for the Rivest–Shamir–Adleman algorithm, in which each key element is hidden, and the value of the modulus is changed after each encryption attempt. The difference between successive moduli is exchanged between communication sides via an unsecure channel. Analysis shows that such an approach is not secure. Moreover, determining the one-time password element (Rivest–Shamir–Adleman modulus) can be straightforward. A countermeasure for the analyzed algorithm is proposed. Full article

With the expansion of smartphone and financial technologies (FinTech), mobile money emerged to improve financial inclusion in many developing nations. The majority of the mobile money schemes used in these nations implement two-factor authentication (2FA) as the only means of verifying mobile money users. These 2FA schemes are vulnerable to numerous security attacks because they only use a personal identification number (PIN) and subscriber identity module (SIM). This study aims to develop a secure and efficient multi-factor authentication algorithm for mobile money applications. It uses a novel approach combining PIN, a one-time password (OTP), and a biometric fingerprint to enforce extra security during mobile money authentication. It also uses a biometric fingerprint and quick response (QR) code to confirm mobile money withdrawal. The security of the PIN and OTP is enforced by using secure hashing algorithm-256 (SHA-256), a biometric fingerprint by Fast IDentity Online (FIDO) that uses a standard public key cryptography technique (RSA), and Fernet encryption to secure a QR code and the records in the databases. The evolutionary prototyping model was adopted when developing the native mobile money application prototypes to prove that the algorithm is feasible and provides a higher degree of security. The developed applications were tested, and a detailed security analysis was conducted. The results show that the proposed algorithm is secure, efficient, and highly effective against the various threat models. It also offers secure and efficient authentication and ensures data confidentiality, integrity, non-repudiation, user anonymity, and privacy. The performance analysis indicates that it achieves better overall performance compared with the existing mobile money systems. Full article