Enhancing Data Security in Banking: The Power of Hybrid Algorithm-Based Solutions

Abstract

A safe financial system requires a safe security system. It takes a secure banking system to stop sensitive data from being stolen from customers and banks. Important information may be quickly and easily exchanged online in the modern society. A hacker may more easily take our information the easier it is to transmit information. Thus, a robust security mechanism is necessary. Currently, a banking system must guarantee the secrecy of the customer's data in order to preserve the customer's trust in the system and data security. Bank-based security systems are made secure by means of cryptographic methods.

In RSA and ECC, two keys are generated: a private key and a public key. It is the best data security technique to protect the bank against online fraud. Stated differently, the digital signature standard and associated message verification are created by both public key algorithms. Moreover, the Diffie Hellman algorithm is calculated to provide the user's keys in a secure way. Regarding mutual authentication and key exchange, it is evident that ECC is more robust and offers more advantages than RSA. Elliptic Curve Cryptography and Random Access Keys (RSA) are two distinct asymmetric algorithms that are used in this research to create a strong security system that improves data security and takes into account key exchange and mutual authentication between two untrusted parties. Our system is protected against unwanted access by the use of the encryption methods RSA and ECC.