asp.net mvc4 password verification

public static string Encrypt(string toEncrypt, bool useHashing)
{
    byte[] keyArray;
    byte[] toEncryptArray = UTF8Encoding.UTF8.GetBytes(toEncrypt);
    System.Configuration.AppSettingsReader settingsReader = 
                                        new AppSettingsReader();
    string key = (string)settingsReader.GetValue("SecurityKey", 
                                                     typeof(String));
    if (useHashing)
    {
        MD5CryptoServiceProvider hashmd5 = new MD5CryptoServiceProvider();
        keyArray = hashmd5.ComputeHash(UTF8Encoding.UTF8.GetBytes(key));
        hashmd5.Clear();
    }
    else
        keyArray = UTF8Encoding.UTF8.GetBytes(key);
    TripleDESCryptoServiceProvider tdes = new TripleDESCryptoServiceProvider();
    tdes.Key = keyArray;
    tdes.Mode = CipherMode.ECB;
    tdes.Padding = PaddingMode.PKCS7;
    ICryptoTransform cTransform = tdes.CreateEncryptor();
    byte[] resultArray = 
      cTransform.TransformFinalBlock(toEncryptArray, 0, 
      toEncryptArray.Length);
    tdes.Clear();
    return Convert.ToBase64String(resultArray, 0, resultArray.Length);
}

public static string Decrypt(string cipherString, bool useHashing)
{
    byte[] keyArray;
    byte[] toEncryptArray = Convert.FromBase64String(cipherString);
    System.Configuration.AppSettingsReader settingsReader = 
                                        new AppSettingsReader();
    string key = (string)settingsReader.GetValue("SecurityKey", 
                                                 typeof(String));
            
    if (useHashing)
    {
        MD5CryptoServiceProvider hashmd5 = new MD5CryptoServiceProvider();
        keyArray = hashmd5.ComputeHash(UTF8Encoding.UTF8.GetBytes(key));
        hashmd5.Clear();
    }
    else
    {
        keyArray = UTF8Encoding.UTF8.GetBytes(key);
    }
    TripleDESCryptoServiceProvider tdes = new TripleDESCryptoServiceProvider();
    tdes.Key = keyArray;
    tdes.Mode = CipherMode.ECB;
    tdes.Padding = PaddingMode.PKCS7;
    ICryptoTransform cTransform = tdes.CreateDecryptor();
    byte[] resultArray = cTransform.TransformFinalBlock(
                         toEncryptArray, 0, toEncryptArray.Length);            
    tdes.Clear();
    return UTF8Encoding.UTF8.GetString(resultArray);
}