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THE USE AND IMPACT OF CRYPTOGRAPHY ON BANKING INDUSTRY, ESPECIALLY IN ATM AND ONLINE BANKING

THE USE AND IMPACT OF CRYPTOGRAPHY ON BANKING INDUSTRY, ESPECIALLY IN ATM AND ONLINE BANKING 2025

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The document discusses the use and impact of cryptography in the banking industry, focusing on ATMs and online banking. It explains various cryptographic methods, including ciphers used for encryption and decryption, with a particular emphasis on the Data Encryption Standard (DES) and Triple DES (3DES). The project highlights how these cryptographic techniques enhance security in financial transactions, detailing their implementation in ATMs and online banking systems. Additionally, it addresses the evolution of security measures in response to technological advancements and threats, emphasizing the importance of cryptography in protecting sensitive customer information.

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What is encryption in online banking?

2 September, 2024. Synopsis. Encryption is used to make online transactions secure. It works by turning readable text into unreadable text, which can only be read with a special key.

How is cryptography used in finance?

Financial cryptography includes the mechanisms and algorithms necessary for the protection of financial transfers, in addition to the creation of new forms of money. Proof of work and various auction protocols fall under the umbrella of Financial cryptography. Hashcash is being used to limit spam.

What is an example of encryption?

Every time someone carries out a transaction on an ATM or buys something online with a smartphone, encryption protects the transmitted data. Businesses also rely on encryption to protect sensitive information from exposure in the event of a data breach or unauthorized individuals acquiring the data.

What is the application of cryptography in ATM?

The supplied PIN is encrypted at the entry terminal, during this step, a secret cryptographic key is used. In addition to other transaction elements, the encrypted PIN is transmitted to the acquirers system. Then, the encrypted PIN is routed from the acquirers system to a hardware security module.

What kind of encryption does a bank use?

Banks utilize encryption algorithms, such as Advanced Encryption Standard (AES) and RSA, to convert data into an unreadable format. This ensures that even if data is intercepted or accessed without authorization, it remains useless to the intruder without the correct decryption key.

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How is encryption used in online banking?

Encryption is used to make online transactions secure. It works by turning readable text into unreadable text, which can only be read with a special key.

What does it mean when a bank account is encrypted?

The Advanced Encryption Standard (AES) is currently the most widely used encryption algorithm in the banking industry. It offers highly secure and efficient encryption, making it suitable for securing sensitive data in various banking equipment.

THE USE AND IMPACT OF CRYPTOGRAPHY ON BANKING INDUSTRY, ESPECIALLY IN ATM AND ONLINE BANKING 2025

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