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The Entersekt blog.

Industry news, security threats, and technology advances in consumer authentication
Fraud is changing; so should your digital fraud prevention solution

Fraud is changing; so should your digital fraud prevention solution


Exceptionally challenging on so many fronts, 2020’s wholesale upsetting of everyday life impacted financial services and payments pretty much immediately. e-Commerce and digital banking rates skyrocketed, especially among demographics who had previously stuck with cash and in-branch shopping, but then so did fraud, an age-old problem that intensified during the pandemic.

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Snippet: Since the beginning of April, banks in the US and Canada have been plagued by a sophisticated new strain of malicious software called GozNym. The name is an amalgamation of Gozi, a well-known and feared banking trojan, and Nymaim, a dropper (which downloads and installs malware automatically) that also functions as ransomware.

Since the beginning of April, banks in the US and Canada have been plagued by a sophisticated new strain of malicious software called GozNym. The name is an amalgamation of Gozi, a well-known and feared banking trojan, and Nymaim, a dropper (which downloads and installs malware automatically) that also functions as ransomware.

Snippet: Many African countries are undergoing what is called “financial deepening” – a process of increasing the banked population, improving market infrastructure, widening funding access, and diversifying investment options. According to Bernhard Kotanko and Jason Ekberg of the Nikkei Asian Review, efficient and deep financial markets are a prerequisite for macroeconomic growth and prosperity.

Many African countries are undergoing what is called “financial deepening” – a process of increasing the banked population, improving market infrastructure, widening funding access, and diversifying investment options. According to Bernhard Kotanko and Jason Ekberg of the Nikkei Asian Review, efficient and deep financial markets are a prerequisite for macroeconomic growth and prosperity.

Snippet: Looking ahead is something that every entrepreneur understands the importance of – in theory. In practice, however, it’s easy to get caught up in the development of a product or the running of a business and lose perspective. Staying abreast of industry trends gives you the edge in identifying indicators of change and anticipating what might be around the corner.

Looking ahead is something that every entrepreneur understands the importance of – in theory. In practice, however, it’s easy to get caught up in the development of a product or the running of a business and lose perspective. Staying abreast of industry trends gives you the edge in identifying indicators of change and anticipating what might be around the corner.

Snippet: This concept – an event or sequence of events likely to occur at the birth of artificial intelligence – has been widely debated ever since. Its consequences set the imagination racing. Our approach to almost everything will, after all, have to be discarded to make way for an entirely new paradigm.

This concept – an event or sequence of events likely to occur at the birth of artificial intelligence – has been widely debated ever since. Its consequences set the imagination racing. Our approach to almost everything will, after all, have to be discarded to make way for an entirely new paradigm.

Snippet: The year has not started well for that popular authentication method, one-time passwords (OTPs) sent via SMS. Still widely used during logins and transactions as part of a two-factor authentication (2FA) process, SMS OTP has long been vulnerable to cyber criminals.

The year has not started well for that popular authentication method, one-time passwords (OTPs) sent via SMS. Still widely used during logins and transactions as part of a two-factor authentication (2FA) process, SMS OTP has long been vulnerable to cyber criminals.

Snippet: Traditional financial institutions have been hit hard by digital disruption, with alternative payment methods such as PayPal and Apple Pay presenting strong competition. According to a 2015 report by the Temenos Group titled Shifting Sands: Banking in the Digital Era, the threat that banks are most concerned about comes from non-traditional players, especially technology companies such as Google.

Traditional financial institutions have been hit hard by digital disruption, with alternative payment methods such as PayPal and Apple Pay presenting strong competition. According to a 2015 report by the Temenos Group titled Shifting Sands: Banking in the Digital Era, the threat that banks are most concerned about comes from non-traditional players, especially technology companies such as Google.

Snippet: At the start of a new year, many of us take the opportunity to reflect on the past 12 months and to look forward to the year that lies ahead.

At the start of a new year, many of us take the opportunity to reflect on the past 12 months and to look forward to the year that lies ahead.

Snippet: At Entersekt, we get to know our customers pretty well, as you’ll imagine. Some take our product and integrate it within two months, then leave it unchanged. No mess, no fuss. My favorite customers, however, are those that continue to extract value from what we’ve provided them.

At Entersekt, we get to know our customers pretty well, as you’ll imagine. Some take our product and integrate it within two months, then leave it unchanged. No mess, no fuss. My favorite customers, however, are those that continue to extract value from what we’ve provided them.

Snippet: Like Entersekt, banks are purveyors of trust. A lack of trust is a serious opportunity cost that can threaten an institution’s future by, among other things, retarding innovation in online and mobile banking functionality and usability. How does a bank protect and nurture the trust relationship?

Like Entersekt, banks are purveyors of trust. A lack of trust is a serious opportunity cost that can threaten an institution’s future by, among other things, retarding innovation in online and mobile banking functionality and usability. How does a bank protect and nurture the trust relationship?

Snippet: A mobile transaction authentication number (mTAN) is a one-time password delivered to users of online systems using the SMS format. Millions of digital banking customers use them today to verify their online transactions with their bank.

A mobile transaction authentication number (mTAN) is a one-time password delivered to users of online systems using the SMS format. Millions of digital banking customers use them today to verify their online transactions with their bank.

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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.