Online banking and transactions have become an integral part of our lives, especially in today's digital era. However, with the rise of online transactions, the need for secure and safe online banking has also increased. Cryptography plays a critical role in ensuring that online banking and transactions are secure and safe for users.
Cryptography is the practice of secure communication in the presence of third parties. It involves the use of mathematical algorithms and keys to convert plain text into an unreadable format, which is known as ciphertext. The ciphertext can only be deciphered by the intended recipient who has the right key to decrypt it.
Online banking and transactions involve sensitive data such as banking information, credit card information, and personal information. To ensure the security of this information, cryptography is used in the following ways:
Secure Socket Layer (SSL)/Transport Layer Security (TLS) encryption is one of the most commonly used cryptographic protocols in online banking and transactions. SSL/TLS encrypts the data that is transmitted between the user's browser and the bank's server, ensuring that sensitive information cannot be intercepted or read by unauthorized parties. For example, when a user logs into their bank account, SSL/TLS encrypts the login credentials to prevent unauthorized access.
Public Key Infrastructure (PKI) is a system that uses cryptography to ensure the authenticity and integrity of online transactions. PKI involves the use of digital certificates that are issued by a trusted third-party known as a Certificate Authority (CA). These certificates are used to verify the identity of the parties involved in a transaction. For example, when a user makes an online purchase, the digital certificate verifies the authenticity of the website and ensures that the user's payment information is transmitted securely.
Hashing is a cryptography technique that is used to store passwords securely. Hashing involves converting a password into an unreadable format that cannot be deciphered even if it is intercepted. When a user enters their password, the system hashes it and compares it with the stored hash to verify the user's identity. This ensures that even if a hacker gains access to the system, they cannot read the passwords.
Cryptography plays a critical role in ensuring the security and safety of online banking and transactions. Without cryptography, sensitive data would be vulnerable to interception and misuse by unauthorized parties. With the continued growth of online transactions, it is essential to ensure that cryptography is used effectively to protect users' sensitive information.