Abstract: “Online banking transactions have become one of the common daily tasks. Security is very important to accomplish these tasks. There are a lot of frauds and threats for online banking transactions that need to be studied, discovered and come out with the proposal of suitable solutions. It has been found that the main problem is in the connection channel between the end-user and the bank. Data compression and cryptography are integrated to be used for securing the online banking transactions efficiently. The two processes have different priorities. Security is the first priority for cryptography while decreasing the file size is thefirst priority for compression. This paper is going to review and address the current issues involving the online banking security by introducing the new Quick And Secure (QAS) process that has impacted and accelerated the online banking transactions and set the bar high for a new frontier encryption algorithm.”

Keywords: online banking, security breaches, security vulnerability, data compression, cryptography