Go back in time with Entersekt’s co-founder and Chief Strategy Officer, Dewald Nolte. Learn how banking fraud has evolved over the years, starting in the early 2000s when a simple username and password combination was still considered secure.
Fast forward to when phishing started becoming a regular occurrence, and the industry responded with SMS one-time passcodes (OTPs). This early form of two-factor authentication (2FA) added a much-needed second layer of security.
However, it wasn’t long before fraudsters found ways to intercept OTPs, forcing the industry to evolve its authentication tactics once again.
Further reading:
- Blog: OTPS for customer authentication, past their expiry date and holding banks back
- BAI executive report: Safeguarding against fraud
