New Real-time Encryption Mechanism for Financial Transactions

Ionut Matei, West University of Timisoara

Abstract: There is a need for high security of information in financial transactions. This security is assured using various encryption algorithms such as RSA, DES, AES, and, in the last time, with hybrid encryption algorithms. The problem arises when financial transactions take place in the banking sector involving large amounts of data, involving the need for very fast, even real-time, and strong secured encryption, transmission, and decryption algorithms. In this paper, we proposed a new cryptography system for sensitive financial (bank or stock exchange) data, that uses a combination of logistic map and sigmoid function for generating a secret key and a version of ElGamal cryptosystem based on elliptic curves for the transfer of the secret key on line. This approach assures higher efficiencies in terms of fast and strongly secured performance."