It has signed up a number of South African banks and is in the process of concluding deals with some international banks, to provide transaction authentication for online and mobile transactions. The software places customers back in control of their accounts, allowing them to interactively, on the spot, approve or reject transactions. This process effectively eliminates phishing and pharming attacks, which has been a major concern for banks all over the world.
"With the advent of e-commerce, the need for fraud prevention technology is higher than ever. Statistics show that fewer people are trading in hard cash, opting to rather conduct their transactions online," says Schalk Nolte, CEO of Entersekt.
"According to a survey conducted by the company, 4 out of 10 people still feel at risk when relying on online transactions. The company's software enables customers to trust that transactions cannot easily take place without their own authorisation. The American Express accreditation provides us with a full suite to offer banks internationally. We are making huge strides in combating online fraud - and it is clearly being recognised."
According to the South African Banking Risk Information Centre (SABRIC), credit card fraud cost South Africans R403-million last year. Whilst this does not relate exclusively to online fraud, banks are confronted with the need to improve and extend mobile and online solutions on the one hand, with the issue of security on the other. This software provides a simple solution to the problem. A simple push message to the cardholder's mobile phone, whenever an online transaction takes place, allows the cardholder to authenticate each transaction and reject transactions, which they have not made themselves.
"The company is committed to enabling mobile and online financial transactions and to providing solutions to combat fraud. We are very proud of our AmEx accreditation and the support we have received from American Express in this process," concludes Nolte.
