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The Entersekt blog.

Industry news, security threats, and technology advances in consumer authentication
Omnichannel banking doesn’t have to mean omnichannel fraud

Omnichannel banking doesn’t have to mean omnichannel fraud


Much like water flowing downhill, fraudsters take the path of least resistance. The advent of the EMV chip made card-present fraud more difficult, reducing it to an all-time low. And while this was great news for brick-and-mortar retailers, the fraudsters’ attention simply moved to the digital space, where banks must now contend with fraud in peer-to-peer payments, credit and debit cards, account takeover, and fraudulent account opening. 

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Snippet: The go-live date for the revised PSD2 SCA requirement is 14 September. It’s not too late, though, and here a few pointers on how you can meet the compliance deadline.

The go-live date for the revised PSD2 SCA requirement is 14 September. It’s not too late, though, and here a few pointers on how you can meet the compliance deadline.

Snippet: With the certainty of a trusted communication channel at its foundation, mobile banking apps provide easy access to banking functionalities. They also enable new forms of banking and commerce that will transform the banking industry.

With the certainty of a trusted communication channel at its foundation, mobile banking apps provide easy access to banking functionalities. They also enable new forms of banking and commerce that will transform the banking industry.

Snippet: Research on digital banking highlights a trend that led the industry to reflect on a core aspect of current priorities and future strategy: the customer. We look at what customers want, what this means for the industry and how mobile banking fits into the picture.

Research on digital banking highlights a trend that led the industry to reflect on a core aspect of current priorities and future strategy: the customer. We look at what customers want, what this means for the industry and how mobile banking fits into the picture.

Snippet: I have, over the years, opened accounts at a number of banks in order to meet different needs: savings, payments, a mortgage, and so on. My family also have bank accounts, some of which we share. You probably have a similar spread of accounts.

I have, over the years, opened accounts at a number of banks in order to meet different needs: savings, payments, a mortgage, and so on. My family also have bank accounts, some of which we share. You probably have a similar spread of accounts.

Snippet: If you thought that QR codes were only used for payments, take out your phone and scan again.

If you thought that QR codes were only used for payments, take out your phone and scan again.

Snippet: In July 2017, we published this post about why continuing to have mobile carriers in the digital security chain meant the attack that left several customers of O2-Telefonica in Germany with empty bank accounts was likely to occur again. It seems that we were right, with Metro Bank recently being the target of a SS7 attack.

In July 2017, we published this post about why continuing to have mobile carriers in the digital security chain meant the attack that left several customers of O2-Telefonica in Germany with empty bank accounts was likely to occur again. It seems that we were right, with Metro Bank recently being the target of a SS7 attack.

Snippet: SMS OTP's technology’s extreme vulnerability is increasingly hard to ignore, and questions over its usability have become more pressing as PSD2 nears. Research indicates that consumers' resistance to its poor user experience is stronger than ever.

SMS OTP's technology’s extreme vulnerability is increasingly hard to ignore, and questions over its usability have become more pressing as PSD2 nears. Research indicates that consumers' resistance to its poor user experience is stronger than ever.

Snippet: There’s no denying that the evolution of computing power and technology, and the increasing digitization of almost everything, have made our lives much easier. On the flip side, however, these advances have increased the risk of private data interception and fraud.

There’s no denying that the evolution of computing power and technology, and the increasing digitization of almost everything, have made our lives much easier. On the flip side, however, these advances have increased the risk of private data interception and fraud.

Snippet: Ever forgotten your PIN number? What about forgetting which password goes with which account? Generally, the problem isn’t the password itself, but the number of username and password combinations we need to remember. It has been estimated that within the next few years, we will have, on average, over 200 accounts for which we need to remember passwords!

Ever forgotten your PIN number? What about forgetting which password goes with which account? Generally, the problem isn’t the password itself, but the number of username and password combinations we need to remember. It has been estimated that within the next few years, we will have, on average, over 200 accounts for which we need to remember passwords!

Snippet: Gerhard Oosthuizen, Entersekt’s CTO, uses his crystal ball, together with years of industry knowledge, to bring you a glimpse into the future of banking and payments.

Gerhard Oosthuizen, Entersekt’s CTO, uses his crystal ball, together with years of industry knowledge, to bring you a glimpse into the future of banking and payments.

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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.