IST Networks, a leading Middle East systems integrator headquartered in Egypt, is partnering with Entersekt,
an innovator in mobile-enabled digital banking security, to provide Entersekt’s Transakt technology
to banks and other businesses in the region.
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.”
