Entersekt, a South African company that develops transaction authentication technology, landed a technology leadership award for its work in the area of online banking fraud solutions.
Entersekt’s app, Transakt, replaces the conventional one-time password in online banking with a more secure system that bypasses the vulnerabilities of SMS text or browser-based passwords, according to a press release published by the SacramentoBee.
This new solution uses electronic certificate technology with mobile phones to protect financial institutions and their customers from account takeover fraud in the online and card-not-present spaces, the report says.
Certificates are deployed for hundreds mobile phone models on all mobile platforms, including iOS, Android, Blackberry, Windows Phone or any other Java platforms. Banks retain full control over registering users and all communication is encrypted end-to-end and cannot be intercepted by outside parties.
When a banking customer initiates a transaction online, Transakt launches automatically. The only action the customer must take is one touch to respond to a simple “accept/reject” prompt.
Texas-based Frost & Sullivan, a growth partnership company, analyzed the online banking security market before awarding Entersekt the 2013 South African Frost & Sullivan Award for Technology Leadership.
“Not only does the Entersekt system offer greater security than conventional one-time password-based solutions, but it is also designed with ease of use in mind; it is a proven security platform that stands in stark contrast to more complex, costly authentication solutions,” said said Frost & Sullivan Research Analyst Lehlohonolo Mokenela.”The company has received accreditation from the world’s largest payments networks –American Express, MasterCard, and Visa – and is the first and only company in Africa to earn all three of these certifications.”
Entersekt has patented security products that authenticate millions of transactions globally, the report said. Its clients claim to be phishing attack-free since implementing the company’s technology.