IST Networks to serve as reseller for Entersekt authentication technology
Transakt is a multifaceted authentication product that keeps an app safe and uses innovative digital certificate technology and exclusive mobile authentication techniques to protect users from phishing and other attacks targeting online, mobile and other ways of payment. The technology forms a trusted communication pathway between customers using mobile phones and tablets and providers offering different services.
“A storm of large-scale attacks against OTPs (one-time passwords) continues to build globally, even as regulators and telecommunications bodies urge businesses to shelve the dated technology,” Dewald Nolte, a co-founder of Entersekt and its senior vice president of partnerships and alliances, said. “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.”
Private, secure text messages are sent to customers via the channel operated fully out of band. The user can then reject or accept the proposed transaction through a digital signature with the push of a button. The entire process is secured through Transakt without the need for a one-time password.
While OTP-based authentication is the most used mode of securing digital banking, it is being compromised on a regular basis by phishing and SIM-swap attacks. This security method is widely used throughout the Middle East, mainly in Saudi Arabia and Bahrain.
“Entersekt’s digital security solution is a key component within IST’s CX portfolio,” Mohamed Fahmy, CEO of IST Networks, said. “Both IST and Entersekt understand the importance of digital convenience with today’s security conscious consumers.”