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    ATM Encryption Standards in Forex Trading: An Academic Overview

    ATM Encryption Standards in Forex Trading: An Academic Overview

    As the‌ global economy leverages technology to expand and ⁣increase efficiency, ⁤it is no surprise that the role of Automated Teller Machines (ATMs) is assuming greater significance. As⁤ a result, security of these transactions is becoming increasingly important,⁤ and industry professionals are looking for ways ‌to ensure that the encryption standards are adequate.‍ In ⁤this article, ⁢we will explore ATM encryption standards forex. Advanced Encryption ⁣Standard ⁣(AES): ‌AES is the gold standard of ⁢encryption algorithms, as it is lightweight,⁣ fast, efficient, and widely adopted. ‌It is used​ by the US government, banks, and⁢ corporations to protect ⁢data in transit. ⁢AES uses a symmetric key‍ system, meaning that you need to have a secure key ‍on both the sender’s side⁢ and ‍the receiver’s side of the communication to encrypt and decrypt data. The key is derived from a private, shared secret. ​AES ⁢is considered extremely⁤ secure, as brute force decryption attempts ⁣can​ take ‍millions of years.

    Triple Data Encryption Standard⁤ (3DES):⁢ 3DES is an older encryption algorithm that is still⁤ widely used in the⁣ banking and finance sector, as well as for large scale⁣ government projects. It is based ​on the DES⁤ encryption algorithm and uses three keys instead‌ of one for an added layer of security. 3DES‍ is​ considered an effective encryption​ algorithm,‌ but it is significantly slower than AES.

    Secure Hash Algorithm (SHA): SHA is a family​ of cryptographic hashing algorithms that can be used to verify data integrity. It​ is used by the US government and military to ⁢verify data before it is transmitted.​ SHA works by​ taking data and‍ passing it through an algorithm ⁢to produce a ⁣“hash”. The recipient of ​the data can then use the same⁢ algorithm to‌ calculate the same hash from the transmitted data. If ⁢the hashes match, the data is⁤ considered to be ​identical and valid.