Entersekt Interactive Transaction Authentication software assists in combating online card fraud. A simple push message to the cardholder's mobile phone, whenever an online transaction takes place, allows the cardholder to authenticate each transaction and reject transactions they have not made themselves.
Entersekt, a Stellenbosch-based company with offices in the UK, specialises in providing banks with enabling software for e-commerce - mobile and online transactions. A powerful underlying security platform allows the enterprise to securely communicate with its customers interactively using mutual certificates issued to the user's mobile phone. The technology has already been certified by Visa for providing Verified-by-Visa services and the MasterCard compliancy further validates the software for online.
“The Entersekt ACS with our accompanying transaction authentication software, used by banks for authenticating online banking transactions, has been specifically designed to combat online card fraud,” says Schalk Nolte, Entersekt's CEO. “According to Paypoint, 78% of Internet users have made online shopping purchases in the past year, with mobile purchases increasing from 18% to an anticipated 30% by 2015.”
He adds: “As a result of chip and PIN technologies making card fraud more difficult, fraudsters have moved to an easier target making 'card not present' transactions via the Internet.” Card details are easily accessed whenever a user makes a purchase at a point-of-sale terminal and fraudsters use the details to make online purchases.
The Entersekt technology is designed to make the user experience easy and secure and not to hinder the transaction. The Entersekt software effectively enables banks to provide their customers with richer functionality while simultaneously reducing the risk to both parties. The application will become familiar to South African users in the very near future when local banks begin rolling out to their customers.
Says Nolte: “We are very proud that our solution has been approved by MasterCard as compliant with its MasterCard SecureCode standard for the online environment – a significant and necessary stamp of approval for our software.”