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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: Organizations from across Europe – and, in fact, the rest of the world – would be forgiven for seeing compliance with the European Union’s General Data Protection Regulation (GDPR) as just another burden on their already overstretched resources.

Organizations from across Europe – and, in fact, the rest of the world – would be forgiven for seeing compliance with the European Union’s General Data Protection Regulation (GDPR) as just another burden on their already overstretched resources.

Snippet: The researchers are now arguing strongly against the use of a single device in authentication. Their message is that if a device is compromised, everything undertaken on that device is also compromised.

The researchers are now arguing strongly against the use of a single device in authentication. Their message is that if a device is compromised, everything undertaken on that device is also compromised.

Snippet: In October 2017, Mathy Vanhoef and Frank Piessens from the University of Leuven in Belgium revealed the viability of what they term the “key reinstallation attack” (or KRACK).

In October 2017, Mathy Vanhoef and Frank Piessens from the University of Leuven in Belgium revealed the viability of what they term the “key reinstallation attack” (or KRACK).

Snippet: This year will be an important one for financial services, with security taking center stage in a number of pivotal trends and regulatory changes, including open banking and the arrival of new, flexible fintech services, as well as the activation of the European Union’s PSD2 and GDPR regulations.

This year will be an important one for financial services, with security taking center stage in a number of pivotal trends and regulatory changes, including open banking and the arrival of new, flexible fintech services, as well as the activation of the European Union’s PSD2 and GDPR regulations.

Snippet: Let me begin with a short story, a true story. A good friend of mine’s house was recently broken into. He was asleep in bed when this event took place, and he heard nothing. In fact, when he got up in the morning, he didn’t even notice at first that the event had taken place, such was the subtlety of the break-in. The thief had managed to break a door lock, opening the door without making much sound at all.

Let me begin with a short story, a true story. A good friend of mine’s house was recently broken into. He was asleep in bed when this event took place, and he heard nothing. In fact, when he got up in the morning, he didn’t even notice at first that the event had taken place, such was the subtlety of the break-in. The thief had managed to break a door lock, opening the door without making much sound at all.

Snippet: More companies are implementing mobile biometric authentication to increase security and reduce fraud. According to a recent report, the worldwide mobile biometrics market is expected to exceed $50.6 billion in revenue by 2022, growing from a base of $6.5 billion in 2016, but despite this growth, financial institutions and consumers harbor legitimate concerns about whether mobile biometrics actually delivers on its promise of improved security.

More companies are implementing mobile biometric authentication to increase security and reduce fraud. According to a recent report, the worldwide mobile biometrics market is expected to exceed $50.6 billion in revenue by 2022, growing from a base of $6.5 billion in 2016, but despite this growth, financial institutions and consumers harbor legitimate concerns about whether mobile biometrics actually delivers on its promise of improved security.

Snippet: This is an exciting blog post for me. It may be Entersekt’s last blog post for 2017, but it’s the first post I write representing the company in the North American region – an amazing, exciting market, with immense potential and challenging innovation and security needs.

This is an exciting blog post for me. It may be Entersekt’s last blog post for 2017, but it’s the first post I write representing the company in the North American region – an amazing, exciting market, with immense potential and challenging innovation and security needs.

Snippet: In an attempt to reduce the ever-increasing burden on their compliance teams, financial service organizations are starting to turn to new technology solutions like machine learning and cloud computing.

In an attempt to reduce the ever-increasing burden on their compliance teams, financial service organizations are starting to turn to new technology solutions like machine learning and cloud computing.

Snippet: We are all familiar with the sound of our mobile devices pinging or vibrating to let us know that something has arrived that we might be interested in. There are now numerous methods employed by mobile operating system vendors and app developers to draw our attention to the fact that new content is available: everything from badges to banners, alerts and various other types of messages.

We are all familiar with the sound of our mobile devices pinging or vibrating to let us know that something has arrived that we might be interested in. There are now numerous methods employed by mobile operating system vendors and app developers to draw our attention to the fact that new content is available: everything from badges to banners, alerts and various other types of messages.

Snippet: With the Competition and Markets Authority (CMA) mandating UK retail banks to ‘open up’ and adopt the new principles of open banking, not to mention the impending introduction of the Payments Services Directive (PSD2) in January 2018, banks will soon be operating in a much more competitive environment than before.

With the Competition and Markets Authority (CMA) mandating UK retail banks to ‘open up’ and adopt the new principles of open banking, not to mention the impending introduction of the Payments Services Directive (PSD2) in January 2018, banks will soon be operating in a much more competitive environment than before.

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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.