Review of Algorithms for Securing Data Transmission in Mobile Banking

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.