With over 200 million digital banking customers in the US alone, and 89% of organizations experiencing a phishing attack in the past year, FIs need to shield their customers from modern forms of online banking fraud. Find out how in our ebook, “Authentication re-imagined.

How to combat evolving digital banking fraud with intelligent authentication

Explore our ebook

Every day, banks and credit unions across the globe are at the mercy of fraudsters... if their digital banking security has stagnated, that is. While attacks grow more sophisticated — often involving multiple vectors in a single strike — many financial institutions (FIs) still rely on legacy technology, and disparate solutions, to keep fraudsters out.

These systems will keep failing. But, with Entersekt, you can safeguard all your digital banking channels, cover all attack vectors, and save on costs with a single, secure authentication platform.

Digital banking fraud trends.

  • $88 billion
    lost to fraud in the US in 2022 
  • 70%
    of consumers have personally experienced fraud
  • 89%
    of consumers believe FIs need to do more to protect against fraud
  • Two-thirds
    of consumers would change FIs if they experienced fraud

Outsmart fraudsters with intelligent online banking fraud prevention.

Watch this video to learn how.

Stop stalling digital transformation with outdated authentication solutions.

Per American Banker’s 2023 State of Digital Banking report, 71% of FIs believe that their dated core systems pose a moderate to significant challenge to their digital banking strategies.
New technology and trends, such as AI and real-time payments, are transforming the digital banking industry fast. But many FIs are not keeping up with these constant changes or adopting modern solutions fast enough.

As a result, banks with outdated core systems cannot customize their digital engagement channels or create a personalized experience for their customers. In a highly competitive landscape, this opens FIs up to dangers, such as:

  • Limiting business growth
  • Fewer revenue opportunities
  • Customer attrition
  • Fewer customer communication and education channels
Banks need to focus on delivering a stellar customer experience if they want to improve customer satisfaction and drive business growth. 84% of leading banks plan to invest in API technology to better automate manual work and improve data aggregation.
Learn more about advancing your FI’s digital transformation and how personalization impacts the customer journey in our ebook:
Further resources:
Video: Create a balance between risk and consumer choice with Context Aware™ Authentication
Case study: PLUSCARD reduces digital payment fraud with innovation and personalization
Fast fact:
Who’s leading transformation initiatives at FIs?
  • 37%
    Chief technology officer
  • 22%
    Chief information officer
  • 8%
    Chief customer experience officer [American Banker: 2023 State of Digital Banking report]

From vulnerable SMS OTPs to cutting-edge fraud mitigation with passwordless authentication.

Verizon’s 2023 Data Breach Investigations Report indicates that 49% of data breaches involve stolen credentials.
Banks and credit unions need to protect their customers from ever-evolving fraud attacks. And since fraudsters leverage the latest technology for successful attacks, FIs need to get a step ahead with cutting-edge authentication solutions.
Passwordless authentication measures form an essential component of an effective multi-factor authentication (MFA) solution. Not only does passwordless technology create a more seamless user experience, but it also shields banks and their customers from fraud attacks.
Discover why modern passwordless authentication trumps passwords in our ebook:
Further resources:
Blog: OTPs for customer authentication: Past their expiry date and holding banks back
Fact sheet: Passkeys — The road to simpler passwordless authentication
Fast fact:
One of the biggest champions of a passwordless future, the FIDO Alliance, supports the use of phishing-resistant passkey technology to replace frustrating, vulnerable passwords.

    Prevent chargebacks, revenue loss, and reputational damage with browser authentication.

    Approximately 1 in 4 adults in the US has been a victim of account takeover (ATO) fraud.

    Considering that there are over 24 billion credentials available for sale on the dark web, many FIs need to relook at how they keep their customers’ data secure to prevent the dire reputational and financial losses of ATO fraud, identity theft, and other attack vectors.

    Solutions, like Browser Authentication, create a trusted environment that identifies and protects banking customers by assessing risk in real-time.

    Entersekt’s Browser Authentication protects all banking channels and provides both silent and active authentication measures for a seamless, secure user experience.

    Learn more in our ebook:

    Further resources:
    Blog: 3 Ways to win against account takeover fraud
    Video: Solving the digital identity verification puzzle
    Fast fact:
    According to a recent Mastercard Fraudwatch 2023 webinar, the four main enablers of chargeback fraud are the massive growth of e-commerce, the increased sophistication of fraud attacks, consumer confusion, and ease of dispute.

      Solve inconsistent payment UX with delegated authentication solutions.

      Merchants are experiencing cart abandonment rates of up to 58%, often resulting from a poor user experience.

      Keeping up with compliance regulations like the Second Payment Services Directive (PSD2) and PSD3 will help FIs improve the security of online payments. To get a step ahead, merchants can take control of the authentication process with delegated authentication, providing shoppers with a faster and more intuitive checkout experience.

      Modern authentication solutions should enable seamless e-commerce payments. Delegated authentication does just that by letting merchants decide when and how to authenticate their customers.

      Learn more about creating a consistent UX for online shoppers in our ebook:

      Further resources:
      Blog: PSD3 — What financial institutions need to know now
      Report: Fraud in Digital Banking — Risk Insights and Advisory Fintech Spotlight
      Fast fact:
      E-commerce revenue in the US is forecast to hit $1.4 trillion by 2027!

        Create personalized customer experiences with biometric authentication.

        8 out of 10 consumers are willing to use biometrics for transactions and payments. What’s more, 57% actually prefer biometrics over passwords when they’re transacting online.

        Legacy security solutions cannot match the user experience that today’s tech-savvy consumers expect. By forcing banking customers down rigid authentication journeys, you risk losing revenue and customer loyalty.

        Providing a choice of modern authentication solutions, like biometrics, supports a user experience that is both seamless and secure.

        Learn more about creating secure, user-friendly authentication experiences with biometric authentication and behavioral analytics in our ebook:

        Further resources:
        Video: Biometric authentication for frictionless password resets
        Blog: Demystifying risk-based authentication
        Fast fact:
        “MemberPass’s extended functionality from Entersekt provides unmatched biometric authentication for our digital banking platform, while being in tune with members’ unique preferences for user logins and payments,” according to Jack Martin, Chief Innovation Officer at 4Front Credit Union. Entersekt’s biometric authentication solution is now available on the Q2 platform.

          A single, context-based authentication solution for intelligent digital banking.

          97% of leading banks believe that integrating their legacy systems with new digital technology can be a big challenge.

          Outdated digital banking security cannot outsmart cybercriminals and their ever-evolving attacks. And without context on who is transacting, FIs risk opening the door to fraudsters.

          To gain the context you need to differentiate friend from foe, authentication solutions need to gather and share data across all of an FI’s customer engagement channels. That way, valuable data that helps build context (such as your customers’ typical banking and payment behavior, location, and preferred device) is not trapped in silos.

          Entersekt’s Context Aware™ Authentication solution provides a complete, context-rich picture of both the user and the interaction in real-time, allowing for a curated authentication journey for the customer, for each interaction.

          Learn more about this cutting-edge technology in our ebook.

          Further resources:
          Blog: Breaking down silos: Why cross-channel and Context Aware™ Authentication will change the game
          Video: Demystifying risk-based and Context Aware™ Authentication

          We’re here to support your FI’s next step in your modernization journey. Discover new innovations in digital banking and payment security to help your bank or credit union fight fraud and poor digital experiences — in our ebook: ‘Authentication re-imagined’.