TITLE:
Review of Algorithms for Securing Data Transmission in Mobile Banking
AUTHORS:
Daniel Okari Orucho, Fredrick Mzee Awuor, Ratemo Makiya, Collins Oduor
KEYWORDS:
Cryptography, Steganography, Hybrid Algorithms, Encryption, Decryption
JOURNAL NAME:
Modern Economy,
Vol.14 No.9,
September
15,
2023
ABSTRACT: With the dawn of mobile banking applications, bank customers can now
register for M-banking and download applications that aid them to access
services from the bank server remotely from their mobile devices. The
conversation between the bank’s server and the client application requires a
secure connection. However, M-banking is often conducted via unsecure wireless
networks on which adversaries can use available techniques to hack into system
to steal sensitive financial information including money. This paper’s
objective is to review the state-of-the-art algorithms that secure data on
transit in M-banking. Thus, we document the strengths and weaknesses of these
mechanisms and report on structure of their operation. The study reviewed
various encryption algorithms such as Rivest-Shamir-Adleman Algorithm, Elliptic
Curve Cryptography, Digital Signature Algorithm, Blowfish algorithm, Advanced
Encryption Standard, Data Encryption Standard and Tripple Data Encryption
Standard. In addition, the study reviewed steganography and hybrid algorithms.
From this study, we show that Advanced Encryption Standard is the most
preferred standard for M-banking because there are no specific attacks against
it so far. However, since technology is changing fast, Advanced Encryption
Standard might not provide security in M-banking for long. Therefore, this
study shows and recommends utilization of a combination of Advanced Encryption
Standard algorithm and Least Significant Bit steganography to produce a robust
hybrid algorithm that is tamperproof from flaws existing in current cryptosystems.