Enhancing online banking authentication using hybrid cryptographic method

Abstract

Security of Electronic mode of payment is a crucial aspect today when a large number of customers urge to do the transaction online instead of approaching Banks physically. Now as the traffic on Internet is growing, it becomes a challenging task to secure the electronic transactions over an insecure channel of communication on Internet. The areas of security which are critical here include well-built data enciphering techniques, secure mode of transaction and trusted third party which maintains the database electronically. Data security can only be maintained by conventional methods of encryption in strong and secure channel of transaction. But the threat that is most vulnerable here is theft of customer's data for any malicious purpose such as severe attacks that are done online. The proposed encryption technique provides adequate safety for electronic transactions over wireless set-up. This research study depicts a clear picture of call for improved authentication in online banking. It shows the major safety concerns and illegal activities that are driving the need for well-built verification as well as showing the increase of online channel that is being driven by consumers and monetary institutions. This study provides a careful analysis of the various authentication solutions available, as well as a set of principles for choosing and applying improved authentication focused on the learning and understanding of business experts and customer.