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Snippet: As a result of the continued adoption of multiple online and mobile accounts among today's consumers, the risk of account takeover attack is at an all-time high, as fraudsters leverage advanced technology capabilities to steal valuable information and customer data.
Release Area: ATLANTA, USA
Release Date: 29 OCTOBER 2013

Atlanta, USA
29 October 2013

As a result of the continued adoption of multiple online and mobile accounts among today's consumers, the risk of account takeover attack is at an all-time high, as fraudsters leverage advanced technology capabilities to steal valuable information and customer data.

In an effort to better protect consumers' well-being online, transaction authentication provider Entersekt has partnered with LastPass to provide its Transakt mobile application to users of the password management system as an added layer of multifactor authentication.

With the addition of Transakt to the current suite of multifactor authentication methods offered by LastPass, Entersekt provides users with greater protection for managing their various passwords through its renowned security practices. LastPass users leveraging Transakt through the password management system will be prompted to authenticate their identity each time they access their account by simply selecting ‘accept' or ‘reject' via an encrypted notification sent to their mobile device.

"Authentication is of paramount importance to all users – especially when the product they are using contains the keys to their entire online persona," said Christiaan Brand, chief technical officer for Entersekt. "Entersekt helps protect this by enabling its friction-free, two-step verification technology to all users of LastPass."

Entersekt's one-of-a-kind approach to multifactor authentication harnesses the power of electronic certificate technology with the convenience of mobile phones to provide LastPass users with full protection from fraud in the online space. With each account logon, Transakt verifies both the identity of the user and the LastPass system, eliminating the need for expensive hardware tokens or cumbersome one-time passwords.

"A secondary factor protecting your LastPass account is becoming a necessity, many of our enterprise customers are requiring it for all their employees," said Joe Siegrist, LastPass CEO. "By adding Transakt to the growing line-up of secondary authentication solutions we currently offer, we not only provide each of our customers with access to greater account protection, but also allow them to choose the offering that best fits their specific needs."

Backed by the added security of Amazon Web Services' CloudHSM service, Entersekt's Transakt application is currently in use at several global financial institutions to provide the same level of robust security and protection offered to LastPass users. By combating the complex aspects of account takeover fraud with a secure, simple-to-use method of authentication, Entersekt has helped its current customers fully eliminate multiple forms of online fraud, including phishing, man-in-the-middle, man-in-the-browser, keystroke logging and number porting attacks.

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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.