Enhancing Online Banking Security: An Analysis of Quantum Cryptography for Authentication

Abstract

Online banking systems are vital for users to manage financial transactions and services in the evolving digital banking world. This ecosystem provides a variety of conveniences like as transaction history, fund transfers, and product analytics, increasing competition among banks to continuously improve their products. Security has emerged as a top priority throughout this growth, with user authentication vulnerability at the forefront. Traditional cryptographic security measures are increasingly vulnerable to technical developments and cryptanalysis. This research investigates the feasibility of incorporating quantum cryptography into online banking authentication and utilizing quantum principles for secure communication. The paper evaluates the potential of quantum key distribution models such as BB84 to bolster banking security infrastructure while considering actual implementation problems and quantum technology breakthroughs. Finally, the study adds to our understanding of quantum cryptography's potential to redefine online banking security by tackling rising cyber threats and maintaining the integrity of financial transactions.