Welcome!

News Feed Item

Nedbank Implements Entersekt’s Online Card Purchase Authorization Technology to Enhance Internet Fraud Protection

With EMV’s continued expansion overseas and impending adoption in the U.S., fraudsters are turning away from scamming physical credit and debit cards and instead setting their sights on the card-not-present space online. In an effort to further protect its customers from potential fraud online, South African-based Nedbank has partnered with Entersekt, an innovative pioneer in transaction authentication, to integrate the solution provider’s Online Card Purchase Authorization technology into the bank’s Approve-it system. Approve-it is an implementation of Entersekt’s interactive transaction authentication technology, and since the launch of Approve-it on Nedbank’s online banking channel, Nedbank has published a 99% drop in phishing attacks on this channel.

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 John Bestbier, Group Executive: Strategy at Nedbank. “Rather than requiring our customers to enter static passwords or one time passwords that can easily be stolen or intercepted by online fraudsters, partnering with Entersekt enables us to leverage advanced authentication capabilities to streamline the approval process by utilizing the customer’s mobile to complete the purchase with a simple touch of a button. With no password to retype anymore, there is no password left for an online fraudster to steal.”

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 Christiaan Brand, chief technology officer for Entersekt. “By abandoning reliance on passwords and instead leveraging the user’s mobile device for authentication, we are able to reduce abandonment rates for online purchases and streamline the authentication process to satisfy consumer demands and 3-D Secure standards simultaneously.”

About Nedbank

Nedbank Group is one of SA’s four largest banking groups by assets and deposits, with Nedbank Ltd our principal banking subsidiary. We are a JSE Top 40 company with our ordinary shares listed on the JSE since 1969 and on the Namibian Stock Exchange since 2007. Our market capitalisation was R107bn at 31 December 2013. Old Mutual plc is our majority shareholder, owning 52% of Nedbank Group. Headoffice in Sandown, Sandton, Johannesburg, SA.

About Entersekt

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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
@ThingsExpo has been named the ‘Top WebRTC Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @ThingsExpo ranked as the number one ‘WebRTC Influencer' followed by @DevOpsSummit at 55th.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.