INFOTECH: Online Fraud Solution
Recent Western Cape Business News
STELLENBOSCH-based Entersekt, a mobile technology company offering banks an innovative solution for secure online and mobile banking, announced that Nedbank has implemented their interactive transaction authentication (ITA) system in their recently released Approve-it product which will provide greater protection against online fraud for their customers.
Schalk Nolte, CEO of Entersekt says: “Banks worldwide are recognizing the value of using mobile devices as an additional security device for online banking. However most banks currently send ‘one time passwords’ (OTPs) by sms to their customers who wish to execute sensitive online transactions. The weakness in this system is that the customer is then required to enter the OTP onto the bank’s online site. If the bank’s internet site is mimicked by a fraudster (i.e. a phishing site), the transaction is compromised.
The Entersekt solution eliminates this type of fraud in a customer friendly way. In the Entersekt solution, the bank sends a customer a cell phone prompt to confirm or deny a sensitive transaction through a simple ‘accept’ or ‘reject’ response, protecting the customer from current phishing scams which lure customers to enter an OTP into a fake site.
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