The new information technology is becoming an important factor in the future development of financial services industry, and especially banking industry. Growing international trading and problems in transferring money have motivated researchers to introduce a new structure. Online banking is the newest delivery channel for retail banking services. Online banking facilitated by various Electronic Commerce technologies, has helped commercial banks to stay competitive through productivity gains, transaction cost reduction and customer service improvement. Security for online banking has changed considerably during the relatively short period that online banking has been in use. In particular, authentication in the early implementations was, and sometimes still is, vulnerable to various attacks such as phishing. It is known that the quantum cryptography protocols are able to detect immediately any attempt to attack the key exchange and the authentication process. This paper presents an introduction of online banking and quantum cryptography. In this paper we are proposing a model for authentication in online banking system with quantum cryptography. KeywordsOnline banking. Quantum Cryptography, QKD, Security, Authentication.
The new information technology is becoming an important factor in the future development of financial services industry, and especially banking industry. Growing international trading and problems in transferring money have motivated researchers to introduce a new structure. Online banking is the newest delivery channel for retail banking services. Online banking facilitated by various Electronic Commerce technologies, has helped commercial banks to stay competitive through productivity gains, transaction cost reduction and customer service improvement. Security for online banking has changed considerably during the relatively short period that online banking has been in use. In particular, authentication in the early implementations was, and sometimes still is, vulnerable to various attacks such as phishing. It is known that the quantum cryptography protocols are able to detect immediately any attempt to attack the key exchange and the authentication process. This paper presents an introduction of online banking and quantum cryptography. In this paper we are proposing a model for authentication in online banking system with quantum cryptography. KeywordsOnline banking. Quantum Cryptography, QKD, Security, Authentication.
With online transactions and processing, a large amount of data is generated in today’s internet world, and securing this information is a challenge. It considers security and privacy as the degree of resistance to information and different transaction details from threats and vulnerabilities. The primary concern in online banking is user authentication, information confidentiality, and the channel/media through which the information is shared. Towards this purpose, the paper majorly focuses on the security techniques under classical and quantum cryptography used in online banking to address the issues and different attacks during service utilization. Paper presents a model used to authenticate a client through quantum-safe channel technique in conjunction with one-time pad (OTP) concept to increase security and avoid reply attacks. The idea of introducing quantum cryptography aims to analyze the performance for the operational feasibility of the proposed solution. Combining quantum computing and classical algorithms can boost fraud detection performance and processing speed in financial transactions. Hence, the proposed scheme considers implementing a hybrid technique and QKD for secure online banking in a quantum cryptography environment.
In today’s online environment, a lot of data is created through online transactions and processing, and protecting this data can be difficult. When talking about security and privacy, it takes into account how resistant information and other transaction data is to threats and flaws. Online banking raises three key concerns: user identity, data confidentiality, and the medium or channel over which the information is conveyed. For this reason, the main focus of this study is on the security methods used in online banking that fall within the categories of classical and quantum cryptography in order to combat multiple attacks and problems that may arise when using the service. The study offers a conceptual model for client authentication using the one-time pad (OTP) idea in conjunction with quantum-safe channel technology to boost security and prevent reply attacks. To assess the performance and determine whether the proposed framework operationally feasible, quantum cryptography is being introduced. The performance and speed of financial transaction processing can be increased by combining quantum computing with traditional algorithms for fraud detection. In order to create a safe key exchange with the help of quantum cryptography, the proposed approach takes this into consideration and implements QKD and QRNG.
Purpose Quantum key distribution (QKD) is a technology, based on the quantum laws of physics, rather than the assumed computational complexity of mathematical problems, to generate and distribute provably secure cipher keys over unsecured channels. The authors are using this concept of QKD for the online banking systems. The paper aims to discuss these issues. Design/methodology/approach In order to function properly, any system using QKD needs to transport both quantum and classical data from a specified source to a specified destination, resolve competing requests for shared hardware, and manage shared keys between neighboring trusted nodes via a multi-hop mechanism. In this paper the authors are going to explain the transmission and control system for QKD implementation in online banking systems. Findings This paper presents the transmission and system control of QKD for online banking system is feasible under specific conditions outside a laboratory. Above, the authors have shown the research on the QKD based online banking systems. Though the current researches are focused on QKD systems for online banking systems, the techniques discussed can be applied to other quantum information processing involving photons. Combination with other efforts that are not mentioned here, such as entangled-photon-sources, single photon sources, two-qubit gates, and so on, will provide a rigid foundation for future quantum information technologies. Originality/value Recognizing the importance of online access as one of the vehicles for the development of cheaper, faster and more reliable services there are areas of improvement where all involved parties should endeavor to improve toward the deployment of services without unnecessary or excessive risks. This improvement applies to both retail and commercial customers and does not endorse any particular technology.
The increasing reliance on electronic payment systems has caused problems in terms of data protection and fraud control. Traditional cryptographic algorithms like RSA and ECC become increasingly vulnerable with advancements in quantum computing technology, and hence the development of quantum-resistant security protocols is an absolute need. Based on fundamental quantum concepts like quantum connection and the no-cloning theorem, quantum cryptography (QC), along with especially quantum key distribution (QKD), provides an encryption method that is potentially infallible. In order to improve secrecy, integrity, and authentication processes, the current study takes into account the integration of QKD into online payment systems. The use of artificial intelligence (AI) in fraud detection is also discussed in the study, with particular reference to real-time the tracking of transactions and anomaly detection. The susceptibility of QKD-based security protocols to both conventional and quantum-facilitated cyberattacks is determined by comparing conventional cryptographic systems with their quantum-secured counterparts. The study determines that quantum-augmented encryption significantly reduces threats in terms of key distribution and interception of information, hence guaranteeing a safe and forward-thinking digital transactional platform.
Many traditional encryption techniques commonly used in financial systems face serious threats from the rapid development of quantum computing. Quantum attacks based on Shor's and Grover's algorithm are effective against the RSA, and ECC methods that secure online banking, digital payments, and interbank communications. To mitigate on this increasing risk, this paper suggests hybrid cryptographic architecture based on symmetric encryption, post-quantum cryptography (PQC), and quantum key distribution (QKD) for secure financial transactions. The Quantum-resistant security significance comes because the financial models produce massive data sets for fraud detection and predictive risk. Not only does it offer the previously unreachable computational capabilities, but also utilizes the potentials of large-scale financial data analytics to make the decision-making process fast and well informed, and in this light, the present research recommends a hybrid cryptographic approach with an integrated security framework for the financial sector that combines symmetric encryption, post-quantum cryptography (PQC), and quantum key distribution (QKD). The proposed structure relies on (1) the quantum-resistance of PQC for resilience and authentication, (2) the information-theoretic security of QKD for key establishment, and (3) the efficacy of symmetric cryptography for protecting high-throughput transactions. The framework covers the short-term practical limitations and long-term quantum risks based on the combined use of quantum and conventional security primitives. This paper points out the role and transformation of digital financial ecosystem in the quantum era by elaborating challenges, opportunities and future of quantum cryptography in the banking industry.
Abstract : The financial sector faces escalating cybersecurity threats, exacerbated by the potential emergence of quantum computers capable of compromising widely used classical cryptographic methods. The paper includes an AI-enhanced general review on the use of quantum cryptography to secure financial transactions. Using machine learning methods to assess the principles, potential, and constraints to Quantum Key Distribution (QKD) and PostQuantum Cryptography (PQC), the review is an improvement of the existing view of the current state of quantumsafe technologies. The opportunities and challenges in adopting these technologies in the key financial services, such as banking, digital payments, and blockchain, are analyzed. It has been identified that a hybrid approach that utilizes both QKD to perform secure key exchange and PQC to protect data over the long term can be considered an effective strategy. The review ends by identifying the main future research opportunities and the necessity of standardized, cost-efficient, and scalable quantum security solutions, guided by AI-informed insights, to protect the financial sector against future quantum attacks.