South Africa-based Nedbank teamed up with Entersekt to implement its Online Card Purchase Authorization technology to enhance internet fraud protection.
Entersekt’s technology has already been integrated into the bank’s Approve-it system earlier, which led to 99% drop in phishing attacks on this channel, as claimed by the bank.
Nedbank is now incorporating Entersekt’s technology to the card not present channel.
The technology serves as an enhanced security feature to allow Nedbank’s customers to authenticate online card purchases directly through their personal mobile device.
When a 3-D Secure online purchase is conducted, customers receive a push message via their mobile device requesting them to authorize the transaction with a simple "Accept" or "Reject" response.
Nedbank group executive strategy John Bestbier said, "Rather than requiring our customers to enter static passwords or one time passwords that can easily be stolen or intercepted by online fraudsters, partnering with Entersekt enables us to leverage advanced authentication capabilities to streamline the approval process by utilizing the customer’s mobile to complete the purchase with a simple touch of a button. With no password to retype anymore, there is no password left for an online fraudster to steal."