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An Encryption Algorithm is a component for electronic data transport security. Actual mathematical steps are taken and enlisted when developing algorithms for encryption purposes, and varying block ciphers are used to encrypt electronic data or numbers.

Encryption algorithms help prevent data fraud, such as that perpetrated by hackers who illegally obtain electronic financial information. These algorithms are a part of any company’s risk management protocols and are often found in software applications.

See Also: Cryptographic Algorithm

Source: https://www.techopedia.com/definition/1778/encryption-algorithm