Modern Cryptography

Abstract

In recent times, cybercrime has been on the rise which has exposed vulnerabilities in the system’s security, especially in Nigerian banking institutions, raising concerns about the effectiveness of the financial technology infrastructure. The thesis covers the evolution of online banking in Nigeria, deep analysis of modern cryptographic algorithms like AES, RSA, OTP, JWT. It suggests the use of a multi-layered approach, integrating JWT with AES for authentication and encryption of tokens, Bcrypt for password encoding and TOTP for additional security. It also discusses the future of banking security by proposing artificial intelligence, blockchain and post-quantum cryptography. It contributes to the ongoing research, provides actionable insights on strengthening financial security protocols in Nigerian banks.