Leveraging OAuth and OpenID Connect for Enhanced Security in Financial Services

Srinivasulu Harshavardhan Kendyala¹, Nishit Agarwal², Shyamakrishna Siddharth Chamarthy³, Om Goel⁴, Prof.(Dr) Punit Goel⁵ & Prof.(Dr.) Arpit Jain⁶

¹University of Illinois, Hyderabad, Telangana, India – 500074, chin.p8691@gmail.com

²Northeastern University, Jersey City, NJ – 07307, nishitagarwal2024@gmail.com

³Columbia University, Sakthinagar 2nd Ave, Nolambur, Chennai – 600095, ashisheb1a@gmail.com

⁴Abes Engineering College Ghaziabad, omgoeldec2@gmail.com

⁵Maharaja Agrasen Himalayan Garhwal University, Uttarakhand, drkumarpunitgoel@gmail.com

⁶KL University, Vijaywada,Andhra Pradesh, dr.jainarpit@gmail.com

Abstract:

In the rapidly evolving landscape of financial services, the security of sensitive customer data is paramount. This paper explores the integration of OAuth and OpenID Connect (OIDC) as a robust solution for enhancing security protocols within the financial sector. OAuth serves as a delegated authorization framework, allowing third-party applications to access user data without exposing credentials, thereby minimizing the risk of unauthorized access. OIDC builds upon OAuth by providing identity verification, facilitating seamless user authentication while maintaining stringent security standards.

The adoption of these protocols enables financial institutions to offer a secure, user-friendly experience that fosters customer trust. This paper examines various use cases, demonstrating how OAuth and OIDC can be implemented to safeguard transactions, reduce fraud, and ensure compliance with regulatory requirements. Additionally, it discusses the challenges associated with their implementation, including interoperability and the need for comprehensive user education.

By leveraging OAuth and OpenID Connect, financial services can enhance their security frameworks, providing a dual layer of protection that addresses both authorization and authentication concerns. This synergy not only protects user data but also streamlines access to financial services, promoting innovation while maintaining high security standards. Ultimately, this research highlights the necessity of adopting advanced security protocols to meet the growing demands of an increasingly digital and interconnected financial ecosystem.

Keywords:

Keywords: OAuth, OpenID Connect, security protocols, financial services, user authentication, data protection, fraud prevention, regulatory compliance, authorization framework, digital ecosystem.

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