Entersekt’s cutting-edge scam prevention solution is delivering remarkable results for financial institutions (FIs) across North America and around the world, significantly reducing financial fraud rates and saving them millions of dollars in potential losses, writes Entersekt CEO, Schalk Nolte.
In an era of increasingly sophisticated and pervasive scams, FIs face unprecedented challenges in protecting their customers and assets from financial fraud. They are constantly battling a wide array of evolving scams and fraud attacks, including social engineering, phishing, account takeover (ATO) fraud, unauthorized transactions, peer-to-peer (P2P)/real-time payment (RTP) fraud, authorized push payment (APP), and friendly fraud.
According to Deloitte, fraud losses driven by generative AI could reach $40 billion by 2027. And, unfortunately, traditional – often disparate – fraud prevention solutions still used by FIs today aren’t nearly enough to keep up. They operate in silos, only looking at or detecting certain types of scams, frequently falling short due to their inability to integrate and share data effectively.
This leads to fragmented intelligence and reduced effectiveness, essentially creating blind spots for scammers to exploit.
The Entersekt difference: intelligent scam prevention
Entersekt's scam prevention solution overcomes these limitations with a fully integrated platform that seamlessly consolidates disparate fraud data sources, provides additional fraud signals, and leverages adaptive rules to provide detailed context for each scenario. The combination of fraud detection/monitoring, and adaptive risk response with the most advanced active and silent authentication, provides the most comprehensive scam prevention solution on the market.
The result is a unified fraud intelligence platform that leverages and enriches an FI’s existing point solutions – or it can be deployed as one complete scam and fraud prevention system.
With Entersekt, fraud teams gain access to a comprehensive view of every transaction and interaction across all channels by breaking down data silos and pulling together disparate fraud signals that add critical context to analyze and act on.
Proven results and tangible benefits
Entersekt’s solution, which now secures over 5-billion transactions annually, has delivered exceptional outcomes for its clients to date, demonstrating the power of its innovative approach. Some impactful data points from recent deployments:
- A 70% reduction in debit card fraud losses, encompassing ATO attempts, unauthorized transactions, and friendly fraud for one U.S. bank holding over $200 billion in assets.
- Retail banking clients are experiencing between 90% and 100% reductions in P2P fraud, including Zelle fraud.
- Commercial banking clients are averaging over 90% reductions in APP fraud losses, collectively preventing multiple ACH, wire and APP fraud attacks by declining hundreds of thousands of dollars in fraudulent transactions
Globally, Entersekt’s reach is further enhanced thanks to its partnership with Mastercard on their Scam Protect solution. In 2024, Entersekt was also featured as a leading vendor in Liminal’s Link Index for ATO prevention in banking.
Overcoming the hidden costs of scams
In additional to preventing the devastating direct financial losses from successful scam attacks, Entersekt’s scam prevention solution allows FIs to achieve long-term financial growth by optimizing transaction success, reducing customer churn, and enabling efficient fraud investigations, effective risk management, and adherence to compliance.
This is achieved by Entersekt’s ability to collect, curate, enrich, and analyze hundreds of data points and signals across transactions, user behavior, context, device, location, and third-party fraud tools. Through simplified integration for actionable risk intelligence that is adaptive and leverages Context Aware™ Authentication to proactively detect and mitigate scams, this approach enables real-time fraud detection across critical workflows like logins and account changes.
Let’s look at these additional benefits in more detail.
Let’s look at these additional benefits in more detail.
Smarter scam detection, increased transaction success
During transactions, the solution leverages advanced analytics and contextual data to accurately assess risk, minimizing false positives. Validated by double-digit fraud reduction rates, our authentication methods are dynamically applied based on user preference, the channel of interaction, and the associated risk level to accurately and effortlessly confirm a user’s identity and intent.
Customer trust, retention, and share of wallet
Any unnecessary friction imposed to prevent fraud could risk the loss of valuable customers to competitors. Entersekt’s innovative device ID technology converts customers’ mobile devices and browsers into silent factors of authentication, enabling secure, frictionless transaction signing – even for high-risk transactions.
With Entersekt, logins and high-risk transactions can now be up to 98% frictionless. FIs can deliver unmatched protection against phishing, account takeovers, and many other attacks, while prioritizing optimal user experiences that build customer trust and increase wallet share.
With Entersekt, logins and high-risk transactions can now be up to 98% frictionless. FIs can deliver unmatched protection against phishing, account takeovers, and many other attacks, while prioritizing optimal user experiences that build customer trust and increase wallet share.
Fraud investigation and operational costs
Automating scam detection and response processes reduce the workload on fraud analysts and customer support teams. Comprehensive data analysis and reporting tools provide fraud analysts with all the information they need to quickly investigate and resolve fraud cases. This greatly reduces the time and cost associated with investigations.
Meeting continuous compliance
Missing compliance deadlines and requirements can cost FIs not only in reputational damage, but also result in hefty fines. Entersekt’s scam prevention solution enables FIs to more easily comply with both regional and global regulations like PSD2, SCA, and GDPR. These, and others, provide compelling evidence to customers that their bank takes data privacy and other requirements seriously.
Don’t be another financial fraud statistic
These results and benefits highlight the significant impact of Entersekt's scam prevention solution in mitigating financial losses, enhancing customer security, and providing optimal user experiences that drive trust and improve customer retention.
To learn more, explore our solution or get in touch with one of our experts.
