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Online banking security company Entersekt, has today been awarded the 2013 South African Frost & Sullivan Award for Technology Leadership for its innovations in providing easy-to-use and secure mobile banking solutions. Transakt, as its app is called, offers an alternative method to online banking that claims to eliminate fraud and enhance transaction convenience of both the bank and customer.
Frost & Sullivan Research Analyst Lehlohonolo Mokenela notes that Entersekt 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.
He also says that “it is the first company in the world to provide transaction authentication on mobile phones using certificate technology far beyond the native mobile cryptographic capabilities.”
This system is said to have water-tight security and is easy to implement, operate and maintain. Above all else, it’s said to be extremely intuitive. For example, when a customer makes an online transaction, he/ she gets prompted a simple one touch accept/ reject prompt to authenticate.
Entersekt’s financial institution clients have supposedly reported elimination of online banking fraud since the implementation of the system.
Transakt offers a new method of authenticating online banking that claims to bypass the vulnerabilities of the common SMS text or browser-based passwords. Using electronic certificate technology on mobile phones called emCert.
These certificates are deployed on all mobile platforms, including iOS, Android, Blackberry, Windows Phone or any other Java platforms.
Communication is said to be end-to-end between the bank and customer as to prevent any third-party interference or interception. Only the financial institution is privy to the relationship between the certificate and the customer’s identity.