Use of Quantum Cryptography Environment For Authentication In Online Banking Transactions Security

With online transactions and processing, a large amount of data is generated in today’s internet world, and securing this information is a challenge. It considers security and privacy as the degree of resistance to information and different transaction details from threats and vulnerabilities. The primary concern in online banking is user authentication, information confidentiality, and the channel/media through which the information is shared. Towards this purpose, the paper majorly focuses on the security techniques under classical and quantum cryptography used in online banking to address the issues and different attacks during service utilization. Paper presents a model used to authenticate a client through quantum-safe channel technique in conjunction with one-time pad (OTP) concept to increase security and avoid reply attacks. The idea of introducing quantum cryptography aims to analyze the performance for the operational feasibility of the proposed solution. Combining quantum computing and classical algorithms can boost fraud detection performance and processing speed in financial transactions. Hence, the proposed scheme considers implementing a hybrid technique and QKD for secure online banking in a quantum cryptography environment.