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.