The two technology leaders will together deliver a compelling alternative to dated user authentication systems
JOHANNESBURG - Thursday, August 25th 2016 [ME NewsWire]
(BUSINESS WIRE)-- Entersekt, an innovator in mobile-enabled digital banking security, today announced a partnership with IST Networks. A leading systems integrator in the Middle East, IST now offers Entersekt’s Transakt technology to banks and other enterprises operating in the region.
Transakt is a patented multi-factor authentication and app security product that provides full protection from phishing and other attacks targeting the online, mobile, and card-not-present channels. It uses state-of-the-art digital certificate technology and proprietary mobile validation techniques to form a trusted communication channel between service providers and their customers’ mobile phones or tablets.
Secure push messages are delivered to users over this channel, which is fully out of band. Users approve or reject transactions with one tap, and their responses are digitally signed. Transakt secures the entire process in the background, seamlessly. There is no need for one-time passwords (OTPs). [Watch: 50-second explainer video.]
OTP-based authentication remains the predominant means of securing digital banking in the Middle East, particularly in Saudi Arabia and Bahrain where SMS OTPs or mTANs are widely used. It is, however, no longer fit for purpose, being increasingly compromised by phishing and SIM-swap attacks and providing a cumbersome user experience.
“A storm of large-scale attacks against OTPs continues to build globally, even as regulators and telecommunications bodies urge businesses to shelve the dated technology,” said Dewald Nolte, a co-founder of Entersekt and its SVP partnerships and alliances. “Now is the perfect time for banks in this region to reevaluate their approach to user authentication. Our partnership with IST Networks provides an opportunity for them to do just that.”
“Entersekt’s digital security solution is a key component within IST’s CX portfolio,” added Mohamed Fahmy, CEO of IST Networks. “Both IST and Entersekt understand the importance of digital convenience with today’s security conscious consumers.”
Entersekt is an innovator in push-based authentication and app security. The company’s one-of-a-kind approach harnesses the power of digital certificate technology with the convenience of mobile phones to provide financial services companies and their customers with full protection from online fraud. Built on open technologies for high availability, scalability, and simple integration, Entersekt’s patented security products protect millions of devices and transactions daily, while complying with the world’s most stringent regulatory guidelines. Enterprises across the globe look to Entersekt to strengthen the bond of trust they share with their customers, and to build on those relationships by introducing compelling, user-friendly new mobile and online services. For more information on Entersekt, visit www.entersekt.com.
About IST Networks
IST is the leading customer experience focused systems integrator operating in the Middle East and Turkey. Established in 2002, IST has grown to supply customer experience solutions and managed services to well over half the banks and telecom operators in the Middle East. IST’s portfolio also includes government, retail, health, engineering, and energy customers. Working with leading technology vendors, IST unifies different cutting edge technologies to create customer experience systems which delivers on performance and investment. IST’s commitment to a highly skilled workforce that strives for innovation has allowed IST to reinforce its position as market leader within the Middle East and Turkey region.
IST is ideally placed to deliver innovative and reliable customer experience systems to suit end-customers of today and tomorrow. IST’s extensive knowledge of the local market and demographic behavior allows it to provide valuable intelligence in creating effective customer experience systems that keep brand promises.
Jeanne Maartens, +27 21 815 2800
head of marketing
IST Networks contact
Norman Liu, +44 20 8090 2554