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The Entersekt blog.

Industry news, security threats, and technology advances in consumer authentication
Why US banking clients don’t use banking apps

Why US banking clients don’t use banking apps


Adoption of mobile banking apps inches up ever slower in the United States. What can be done to encourage use?

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Snippet: A pressing security concern for banks today is the threat of account takeover, which results in significant losses for both financial institutions and their customers, particularly small businesses.

A pressing security concern for banks today is the threat of account takeover, which results in significant losses for both financial institutions and their customers, particularly small businesses.

Snippet: The world has embraced mobile in a big way. Mobile applications are suddenly an indispensable feature of daily life, serving as sources of information, productivity tools or entertaining ways to pass the time.

The world has embraced mobile in a big way. Mobile applications are suddenly an indispensable feature of daily life, serving as sources of information, productivity tools or entertaining ways to pass the time.

Snippet: As infosec hotshots flew into Las Vegas for Black Hat USA, a certain Alex Holden of Hold Security dropped a bombshell from Milwaukee. Through the New York Times, he made it known that a Russian gang that he called CyberVor had succeeded in “the biggest hack ever:” the theft from about 420,000 web addresses of “1.2 billion username and password combinations” and “more than 500 million email addresses.”

As infosec hotshots flew into Las Vegas for Black Hat USA, a certain Alex Holden of Hold Security dropped a bombshell from Milwaukee. Through the New York Times, he made it known that a Russian gang that he called CyberVor had succeeded in “the biggest hack ever:” the theft from about 420,000 web addresses of “1.2 billion username and password combinations” and “more than 500 million email addresses.”

Snippet: For those who don’t know the company, allow me to introduce Swisscard AECS, a fantastic group of people that my team has worked with closely over the last year. Based in Horgen, just outside Zurich, Swisscard is the only company in Switzerland to offer American Express, MasterCard, and Visa credit cards from a single source, doing so on behalf of Credit Suisse AG.

For those who don’t know the company, allow me to introduce Swisscard AECS, a fantastic group of people that my team has worked with closely over the last year. Based in Horgen, just outside Zurich, Swisscard is the only company in Switzerland to offer American Express, MasterCard, and Visa credit cards from a single source, doing so on behalf of Credit Suisse AG.

Snippet: In June, news sites in South Africa heralded the release of Capitec Bank’s all-new remote banking app. The app is built on Entersekt’s Transakt SDK, and our staff needed no further reason to celebrate the launch with balloons and some of South Africa’s best sparkling wine.

In June, news sites in South Africa heralded the release of Capitec Bank’s all-new remote banking app. The app is built on Entersekt’s Transakt SDK, and our staff needed no further reason to celebrate the launch with balloons and some of South Africa’s best sparkling wine.

Snippet: With seven billion mobile phone subscribers globally, it’s imperative the financial services industry move quickly to roll out retail and corporate banking services on the one device their customers always have with them: their mobile phone.

With seven billion mobile phone subscribers globally, it’s imperative the financial services industry move quickly to roll out retail and corporate banking services on the one device their customers always have with them: their mobile phone.

Snippet: While online banking fraud is not new, the losses that stem from it continue to increase year after year, as if today’s institutions are either unaware or unconcerned with the problem.

While online banking fraud is not new, the losses that stem from it continue to increase year after year, as if today’s institutions are either unaware or unconcerned with the problem.

Snippet: It is no secret that one-time passwords (OTPs) have outlived their expiration date. These one-off strings of digits have proven to be neither secure nor convenient, especially when generated and dispatched to the customer’s mobile phone via the SMS channel, which is one of the most popular OTP delivery methods used by banks around the world.

It is no secret that one-time passwords (OTPs) have outlived their expiration date. These one-off strings of digits have proven to be neither secure nor convenient, especially when generated and dispatched to the customer’s mobile phone via the SMS channel, which is one of the most popular OTP delivery methods used by banks around the world.

Snippet: Another week brings us news of yet another breach of online systems supposedly protected by one-time passwords, this time at 34 banks in Switzerland, Sweden, Austria, and Japan. At this point, I’m strongly tempted to edit one-time passwords out of the Wikipedia article on multi-factor authentication.

Another week brings us news of yet another breach of online systems supposedly protected by one-time passwords, this time at 34 banks in Switzerland, Sweden, Austria, and Japan. At this point, I’m strongly tempted to edit one-time passwords out of the Wikipedia article on multi-factor authentication.

Snippet: The intensity and sophistication of account takeover attacks continues to rise inexorably. Security breaches at trusted companies are in the news on a daily basis, with stolen consumer data acting as the new currency of the digital underworld.

The intensity and sophistication of account takeover attacks continues to rise inexorably. Security breaches at trusted companies are in the news on a daily basis, with stolen consumer data acting as the new currency of the digital underworld.

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Entersekt is an innovator of customer-centric fintech solutions. Financial services providers and other enterprises rely on our patented mobile identity system to provide both security and the best in convenient new digital experiences to their customers, irrespective of the service channel. With us, they can concentrate on their innovation roadmap, while delivering intuitive, low-friction digital experiences to their customers.