Investec Enhances Mobile Banking Security in South Africa

Specialist bank, Investec, has implemented Entersekt’s multi-factor authentication product, Transakt, to boost the security of its private client mobile application. Entersekt, an innovative pioneer in transaction authentication, helped Investec reinforce the bond of trust it shares with its clients through use of the Transakt Software Development Kit (SDK).

In early 2014, Investec deployed Entersekt technology to provide its South African clients with user-friendly protection of mobile and online banking. This mobile-based, out-of-band, two-factor authentication solution disencumbered users of the one-time passwords they had previously retyped, instead allowing them to authorize transactions with a simple tap on their mobile devices. (Investec also implemented Transakt to secure employee access to internal networks.)

Now, a year later, Investec has extended its investment in Entersekt’s state-of-the-art technology: it has simultaneously rolled out a significant upgrade to its mobile banking offering in South Africa while providing the service to its client base in the United Kingdom for the first time. The upgrade, which is largely transparent to existing users, introduces a range of powerful security capabilities while streamlining the user interaction.

“With Entersekt, we saw an opportunity to improve the user experience dramatically, while at the same time enhancing security on the mobile channel,” said Lyndon Subroyen, global head of digital channels at Investec. “The Transakt SDK allows us to offer the same level of functionality our existing mobile users have come to expect from us, and take it to our UK-based clients with enhanced security features in place. Entersekt has a strong security roadmap, so we are confident that, working together, we will stay ahead of fraudsters.”

Using the Transakt SDK, banks are able to prove the authenticity of transactions originating from any electronic channel by converting their customers’ mobile phones and tablets into cryptographically unique tokens. There’s no reliance on the security protocols of any third party, such as mobile operators, manufacturers, or developers. The process is completely transparent to users, requiring no one-time passwords or challenge questions.

“Entersekt has taken the one piece of technology consumers are never without and transformed it into a powerful tool for protecting their accounts from fraud,” said Christiaan Brand, chief technology officer at Entersekt. “What’s exciting is that, with Transakt in their pockets, Investec’s clients can enjoy the benefits of their bank’s mobile innovation without increasing their exposure to the sophisticated schemes of cybercriminals.”

Schalk Nolte, Entersekt’s chief executive officer, added: “The European financial services industry has long been alert to the benefits of multi-factor authentication. What Entersekt has found as it gains momentum in this market is that banks now want alternatives to stale, increasingly compromised approaches to MFA, like one-time passwords. Their spirit of innovation – broadly evident in their enthusiastic, creative embrace of the mobile banking channel – motivates us to improve on what we do every day.”