Given the success of Approve-it™ on the online banking channel, Nedbank is leveraging Entersekt’s unique Online Card Purchase Authorization technology to expand the protective reach of Approve-it™ to the card not present channel. Approve-it™ now also serves as an enhanced security feature to allow Nedbank’s customers to authenticate online card purchases directly through their personal mobile device. When a Nedbank customer performs a 3-D Secure online purchase with their card, they will receive a push message via their mobile device requesting them to authorize the transaction with a simple “Accept” or “Reject” response. Not only does this enhance the customer experience by eliminating the need to remember complex static passwords or retyping one time passwords generated on a token, but the security of the online payments channel is significantly increased as well.
“Despite the clear vulnerabilities one time passwords present, many financial institutions continue to rely on this method of customer authentication before a transaction can be completed,” said
Designed to serve as an added layer of security for online card purchases, 3-D Secure has been proven to lower instances of card not present fraud, but has widely been dismissed by financial institutions due to the annoyances it presents consumers, such as difficulty with activation and inconsistent methods of authentication. Entersekt’s Online Card Purchase Authorization reinvents the 3-D Secure user experience by allowing consumers to authenticate purchases through their mobile device with the touch of a button.
“While there were definite short comings initially associated with 3-D Secure, we saw major potential for the standard to significantly impact transaction security once the consumer objections were fully addressed,” said
Nedbank Group is one of SA’s four largest banking groups by assets and deposits, with
Entersekt is an innovative pioneer in transaction authentication. The company’s one-of-a-kind approach combines the power of electronic certificate technology (PKI) with the convenience of mobile phones and encrypted cloud messaging to provide financial institutions and their customers with full protection from online banking fraud. With its patented security products authenticating millions of transactions globally, none of Entersekt’s clients have experienced a successful phishing attack on their systems since implementing the company’s technology. Financial institutions worldwide look to Entersekt to strengthen the all-important bond of trust they share with their customers, and to build on those relationships by introducing increasingly innovative mobile and online banking services. For more information on Entersekt, visit www.entersekt.com.
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