In the current days, there is an extensive use of online transaction of information from one place to another place and daily, it is incrementing as an exponential growth. Simultaneously, online activities are also performed by the hackers and thus incrementing the online fraud. Therefore, the present research work is an attempt to minimize online fraudulent activities especially for the financial sectors by implementing the different authentication and authorization schemes at the different levels. In the present work authentication scheme has been proposed by implementing the secure One Time Password (OTP) transmission and Personal Identification Number (PIN) which are based on Global Positioning System (GPS) where transaction is performed then GPS has collected the location details from where the transaction has performed and the location of phone in which OTP is received. The concept of distance has calculated with the both GPS locations and used as a authentication factor. Client Financial Control Application (CFCA) is also responsible for authentication for the online transaction which ables to allow or deny transaction based on account status and fuzzy rule based expert system is used to authenticate the distance, transaction time and other parameters while transaction is performed. The main objective of this paper is to provide security for online transactions and to keep track for online fraudulent transaction.