The patent for invention 8 862 097 covers Entersekt's fully out-of-band transaction verification for its leading product, Transakt. Offering secured communication between handsets and online service providers' servers, Transakt allows users to accept or reject an online or mobile transaction directly through their personal mobile device.
"Financial institutions are struggling to strike the balance between ensuring security and delivering a satisfying customer experience," said Christiaan Brand, Entersekt's co-founder and chief technology officer. "Entersekt's goal has been to engineer a distinctly different set of solutions to combat account takeover fraud that still allow businesses and consumers to enjoy the familiarity, convenience and on-the-go accessibility they have grown to love about mobile technology. With Transakt, mobile users can quickly accept or reject a transaction with just the touch of a button. We are extremely happy that a patent protecting the cornerstone of our technology has been granted, which shows that we truly are the leader in the push-based authentication space."
When an authentication request is received on the mobile device from a secure transaction host (a bank or credit union, for instance), a digital identifier is back via Transakt software to verify the identity of both parties through a fully secured communication channel. A full authentication message – something like, "Do you want to transfer $200 to V Johnson?" – is then delivered to the user's mobile device. At this point, users choose to accept or reject the transaction with one click, and the positive or negative response is relayed back to the service provider through the secure channel.
Through mutual verification of the service provider and individual users' mobile devices, Entersekt's authentication solutions eliminate the need for expensive hardware tokens and cumbersome one-time passwords, which have been proven ineffective against today's advanced online fraud attacks. Certified to authenticate online Visa, MasterCard and American Express card transactions, Entersekt's technology is compatible with hundreds of models of mobile phones on all major platforms and has enabled its institutional customers to fully eliminate successful digital fraud attacks.