Enhancing protection techniques of e-banking security services using open source cryptographic algorithms

Abstract

Security and the privacy features concerning e-banking needs to be improved rapidly to continue its growing. It is really difficult to ensure enough adequate security by using the conventional algorithms for a long time period, due to recent advances such as high progress in cryptanalysis techniques, improvement of computing skills and continuous hacking trials. This paper refers important issues regarding how to enhance the transition to more secure cryptographic and encryption algorithms in the financial sector. This paper recommends that adopting and implementing open source applications following international standards can be considered as a good replacement to the conventional algorithms to offer more enhancement security techniques and highest performance encryption algorithms for e-banking transaction services. We proposed a modified algorithm for AES, in which substitute byte, shift row will remain as in the original AES while mix column operation is replaced by 128 permutation operation followed by add round key operation. Comparative study with traditional encryption algorithms is shown the superiority of the modified algorithm and its high ability to overcome the problem of computational overhead. We additionally suggested another level of e-banking security services using Confidence Building Metric (CBM). The CBMs are computed based on certain parameters and can be implemented on any platform at the client side.