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.
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.
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.
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.
Quantum cryptography is based on quantum mechanics concepts such as superposition and entanglement to provide the inadmissibility of security in communications protocols. It is the purpose of this project to create a safe banking system to trade ships and import-export using the integration of quantum-safe communication protocols and biometric authentication. Through Quantum Cryptographic System and Blockchain protocols (RSA and SHA 256), the platform can guarantee that it controls data transfer safely and detects any form of unauthorized interception. UPI transactions with an added security of verifying the identity of the users are implemented through face recognition. Furthermore, goods and services control to the encryption system to entrepreneurs are combined to render all the communications to be resistant to classical and other quantum based attacks. This system will address the cybersecurity issues that are related to the high-value transaction to offer a strong solution to ensure the safety of data transmission and authentication. This not only gives a more powerful security to online financial transactions, but also the long-term security against the evolving cyber threats. With quantum cryptography integrated, the system is in a good position to overcome the challenges posed by the development of quantum computing. In the end, this project becomes a new norm in the banking and financial fields in regards to safe high stakes transactions.
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.
Abstract In the present scenario internet usage and the online banking sectors are experiencing spectacular growth. The Internet is the fastest growing banking channel today, both in the fields of corporate and retail banking. Banks prefer their customers to use the online banking facility as it reduces their cost, primarily through labour costs. The online banking system addresses several emerging trends: customers’ demand for anytime, anywhere service, product time-to-market imperatives and increasingly complex back-office integration challenges. Online fraud has become major source of revenue for criminals all over the globe. The challenges that oppose online banking are the concerns of security and privacy of information. This has made detecting and preventing these activities a top priority for every major bank. The use of single-factor authentication, such as a user name and the password, has been inadequate for guarding against account fraud and identity theft, in sensitive online banking systems. In this paper we are going to analyze the QKD multifactor authentication in online banking systems