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Numerous well-known Internet applications have been introduced as a result of technological advancements. E-banking, or mobile banking, is one such vital program that significantly affects our contemporary lives. Although banks urge customers to interact online, citing it as a secure method, the truth reveals serious risks involved. The ongoing expansion of mobile banking applications raises concerns about security and drives up the expense of putting strong security measures in place for banks and clients alike. This study explores potential compromises via methods like Trojan horses, botnets, and phishing as it dives into the weaknesses of mobile banking systems. Although multifactor authentication solutions are available to verify the authenticity of clients, their transaction-level focus exposes browsers and smart phones to man-in-the-middle attacks. This work recognizes the urgent need for improved security for mobile banking and offers a novel approach to authentication. The main focus is on a hybrid one-time password solution that combines SHA 256-bit encryption with random OTP. The suggested approach seeks to strengthen security at the transaction and authentication levels by integrating picture verification into the authentication procedure.