Design and Development of an online Fund Transfer System with Data encryption standard and One-Time-Password

Abstract

This paper aims to provide a robust online fund transfer system with enhanced security features in order to address the widespread use of online fund transfers through Internet Banking and the increasing risk of cyber-attacks. The objective of this paper is to create a system that combines the Data Encryption Standard (DES) cryptographic algorithm and a One-Time Password (OTP) authorization mechanism. This system aims to improve online security in financial transactions, specifically for Zambian financial service providers. By employing DES encryption, which is widely recognized for its strong encryption capabilities, the confidentiality and integrity of crucial transaction details are safeguarded when transmitted over the internet. In addition, the incorporation of OTP provides an additional level of security, necessitating users to verify their transactions by using a distinct OTP issued to their registered mobile devices. This methodology demonstrates a dedication to establishing higher benchmarks in safe online fund transfers, with the goal of offering Zambian financial service providers and consumers a robust and reliable platform for their digital banking requirements. The project has several ramifications, such as reducing the risks related to cyber-attacks, increasing confidence in online financial transactions, and supporting the development of digital financial services in Zambia and other areas.