Online banking is one of the fastest-growing transactional platforms. However, the increasing number of attacks is forcing banks to continually review their security measures. This study developed an enhanced multi-factor authentication scheme with a track and trace capability to mitigate the threats to online banking platforms. Five authentication modalities were employed in the proposed scheme: the traditional username, password, personal identification number (PIN) and one-time PIN (OTP), augmented with fingerprints or facial scans, registered smart devices and the time-locked user’s location. The scheme can detect undesirable activities and send notifications through secretly obtained photographs and location triangulation. Through the design science methodology, this study utilized various development environments, prototyped three schemes, and compared them against established schemes. The renowned Datadog and AppDynamics Application Measurement (APM) tools were used to evaluate the effectiveness of the schemes. The best-performing prototype received an 80% rating for overall security, slightly trailing behind the 90% scores earned by the First National Bank (FNB) and the Standard Bank (STD) schemes. In terms of resource utilization, the scheme was on par with both of the established schemes. In average response time, the proposed scheme outperformed the FNB and the STD Bank with 500 ms as opposed to 700 and 1000 ms, respectively.