Trusted Transactions | Entersekt Blog

Trusted Transactions | Entersekt Blog

Five reasons to take a second look at digital authentication

Posted by Claudius van der Meulen, VP business development / director Europe, Entersekt

Jun 22, 2017 9:00:00 AM

Change is difficult. Why change the status quo if it works and everyone seems comfortable with it? This applies to all aspects of life, and banking security is no exception. However, change is healthy and arguably necessary as the digital world evolves around us. Here are five reasons why you should consider taking a fresh look at your organization’s authentication processes.

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Topics: Mobile banking authentication, Regulatory guidance, User experience

How are Europe’s PSD2 plans going?

Posted by Jolette Roodt, Writer/Analyst, Entersekt

May 9, 2017 9:33:00 AM

The clock is ticking for European Union member states to implement the European Banking Association’s Revised Payment Services Directive (PSD2) into their national laws, with the cut-off date of 13 January 2018 only nine months away. As we wrote here, these regulatory standards will give third-party providers (such as retailers and fintechs) access to the account information of banks’ customers, providing that these customers give their consent. The standards also dictate that two-factor authentication (2FA) must be in place when users access their accounts or make payments.

 

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Topics: Regulatory guidance

GDPR? PSD2? Four-letter headaches in need of specialist attention

Posted by Niel Bester, SVP Products, Entersekt

Feb 9, 2017 10:00:00 AM

Time is running out for companies to comply with the European Union’s Revised Payment Services Directive (PSD2), which takes effect in January 2018, and General Data Protection Regulations (GDPR), which kick in in May 2018. The trouble is that these two sets of guidelines are not only strict on their own, but in some respects even seem to work against each other. How are financial institutions to approach this conundrum?

 

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Topics: Regulatory guidance, Privacy

The effect of regulations on innovation? It’s a matter of perspective

Posted by Gerhard Oosthuizen, Chief Information Officer, Entersekt

Dec 20, 2016 11:00:00 AM

The security of financial and personal information is a necessary focal point for regulatory bodies worldwide. Fraud and data theft are concerns across all industries, but their threat is of particular importance to the banking and payments sectors.

For banks, advances in technology and new regulatory guidance set the beat for a perpetual dance between ensuring consumer protection on the one hand and offering a user-friendly and efficient experience on the other.

Regulations have increasingly been viewed by traditional financial services companies as upsetting their ability to strike the right balance. I can appreciate this stance, but there is another perspective.

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Topics: Regulatory guidance

Fraud thriving Down Under

Posted by Jolette Roodt, Writer/Analyst, Entersekt

Sep 29, 2016 3:10:59 PM

Australia and New Zealand seem to have become prime targets for cybercriminals over the past few months. As a target, Australia is under the top 10 in the world for phishing, malware, and fraud. According to Symantec strategist Mark Shaw, 108 cybercrime attacks occur in New Zealand every day; during 2015, the country’s global rank rose in five out of six threat categories: spam, phishing hosts, bots, network attacks, and web attacks. It also had the eighth-highest proportion of global phishing traffic. More than 856,000 New Zealanders are estimated to have been affected by cybercrime last year, at a cost of 257 million New Zealand dollars (186 million US dollars) to the economy.

 

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Topics: Regulatory guidance, One-time passwords, SMS OTP/ mTAN, Entersekt white papers

NIST puts the brakes on a slow-mo train wreck

Posted by Gerhard Oosthuizen, Chief Information Officer, Entersekt

Aug 4, 2016 11:36:58 AM

I felt a flicker of recognition reading Dave Birch’s reaction this week to news that the US Department of Commerce’s National Institute of Standards and Technology (NIST) is “deprecating” the use of SMS-based authentication.

Dave’s been deprecating SMS one-time passwords (OTPs or mTANs) for almost a decade. As a very widely read influencer and director of Consult Hyperion, his opinion could be seen as less partisan than, say… ours, and as a result hold greater weight.

Dave’s not so sure. Surveying the damage done by SMS OTPs over recent years, he writes, amusingly: “These are all symptoms of the fact that nobody listens to me about mobile banking security.”

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Topics: Transaction signing, Regulatory guidance, One-time passwords, SMS OTP/ mTAN

Entersekt helps German banks go beyond ticking BaFin’s boxes

Posted by Jolette Roodt, Writer/Analyst, Entersekt

Jul 14, 2016 11:00:00 AM

Entersekt’s mission is to support financial institutions in their fight against digital fraud, so we watch the changing regulatory environment very closely. Our solutions are designed to comply with digital banking security guidelines across the globe, including those set out by the European Central Bank (ECB), the Federal Financial Institutions Examination Council (FFIEC), and the Monetary Authority of Singapore (MAS). In Germany, the relevant regulatory authority is the Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin.

 

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Topics: Regulatory guidance, One-time passwords, SMS OTP/ mTAN, User experience

Looking ahead to authenticated collections

Posted by Schalk Nolte, Chief Executive Officer, Entersekt

May 19, 2016 11:00:00 AM

Direct debits are both an efficient and potentially frustrating means of payment for consumers, with high rates of abuse in many parts of the world. In South Africa, where this kind of payment is called a “debit order”, almost a million disputes are lodged every month. In a world-first, the South African Reserve Bank is introducing authenticated collections, a system that will disallow many direct debits that have not been electronically authenticated by consumers.

 

 

 

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Topics: 3-D Secure, Regulatory guidance, Authenticated Collections

Transakt complies with Germany's BaFin regulations

Posted by Claudius van der Meulen, VP business development / director Europe, Entersekt

Sep 23, 2015 6:06:00 PM

Two-factor authentication is, by now, a familiar means of securing online systems, especially in the financial services industry. Apart from static credentials (username and password), a user is usually also asked to authorize the transaction, or even a login event, by using another method. This second factor helps confirm their identity.

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Topics: Regulatory guidance, User experience

Go beyond the FFIEC guidelines for authentication – they simply are not enough

Posted by Entersekt

Aug 7, 2014 3:44:09 PM

While online banking fraud is not new, the losses that stem from it continue to increase year after year, as if today’s institutions are either unaware or unconcerned with the problem.

A 2013 report from RSA Security cites a 59 percent increase in phishing attacks, which leads many experts to anticipate a continued increase in fraud attacks without swift action from banks. With RSA reporting that fraud now represents a staggering $1.5 billion loss in revenue for financial institutions and experts seeing no end in sight, why isn’t more being done to combat the issue?

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Topics: Regulatory guidance

About Trusted Transactions

Trusted Transactions is Entersekt's blog devoted to keeping our customers, prospects and friends updated with industry news, security threats and technology advances in consumer authentication. We can protect against online banking fraud and account takeovers. Trusted Transactions brings you industry data and insights to help safeguard your online and mobile banking and payments transactions. 

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