Transakt is a patented multi-factor authentication and app security product that provides full protection from phishing and other attacks targeting the online, mobile, and card-not-present channels. It uses state-of-the-art digital certificate technology and proprietary mobile validation techniques to form a trusted communication channel between service providers and their customers' mobile phones or tablets.
Secure push messages are delivered to users over this channel, which is fully out of band. Users approve or reject transactions with one tap, and their responses are digitally signed. Transakt secures the entire process in the background, seamlessly. There is no need for one-time passwords (OTPs). [Watch: 50-second explainer video.]
OTP-based authentication remains the predominant means of securing digital banking in the Middle East, particularly in Saudi Arabia and Bahrain where SMS OTPs or mTANs are widely used. It is, however, no longer fit for purpose, being increasingly compromised by phishing and SIM-swap attacks and providing a cumbersome user experience.
"A storm of large-scale attacks against OTPs continues to build globally, even as regulators and telecommunications bodies urge businesses to shelve the dated technology," said Dewald Nolte, a co-founder of Entersekt and its SVP partnerships and alliances. "Now is the perfect time for banks in this region to re-evaluate their approach to user authentication. Our partnership with IST Networks provides an opportunity for them to do just that."
"Entersekt's digital security solution is a key component within IST's CX portfolio," added Mohamed Fahmy, CEO of IST Networks. "Both IST and Entersekt understand the importance of digital convenience with today's security conscious consumers."