Enhancing Fintech Security - A Comparative Analysis of Advanced Security Algorithms

Financial technology, widely known as FinTech, is a new form of the financial industry focused on using technology to improve financial services. The idea of FinTech revolves around the innovative idea of improving financial services by adding technological solutions according to business situations. FinTech aids organizations, consumers, and business owners to effectively manage or control their financial transaction processes. The challenge in FinTech arises from data privacy and security concerns. FinTech companies collect and store sensitive financial information that poses a potential risk for users if the data is not correctly secured. Most security and privacy-related concerns can be mitigated with the effective implementation of advanced security algorithms into fintech services. The paper presents a comparative analysis between advanced security algorithms, namely Secure Hash Algorithm (SHA), Advanced Encryption Standard (AES), Rivest-Shamir-Adleman (RSA),Elliptic Curve Cryptography (ECC), and Encryption with Verification Code (EVC) based on the level of authentication and privacy achieved.