The convenience of Internet banking has led to a significant increase in the number of customers utilizing online financial services. However, security and privacy concerns regarding sensitive information remain paramount for users. The digital banking systems has heightened the need for robust security measures to safeguard sensitive data and ensure secure communication between banking entities and users. This work proposes a novel cryptography-based security approach tailored to protect data and communication in E-banking systems. The approach leverages Modified Elgamal Cryptography (MEC) to enhance encryption strength and ensure secure authentication and data communication. Key features of this approach introduce dynamic key generation, robust encryption, and decryption techniques that prevent man-in-the-middle attacks and data breaches attacks. Additionally, the work also provides a comprehensive comparison of encryption and decryption methodology, security strength, and operational efficiency to highlight the superiority of our approach. Results demonstrate that this novel approach significantly enhances data security, minimizes the risk of breaches, and ensures the integrity of financial transactions. The effectiveness of the proposed model is evaluated through a comprehensive security analysis, showcasing its resistance to modern cryptanalytic methods and its efficiency in handling large-scale E-banking transactions. This work aims to contribute to the development of secure, and reliable E-banking methodology that can withstand emerging threats in the digital banking landscape.