Transakt is a patented two-factor authentication and app security product that provides protection from phishing and other attacks targeting the online, mobile and card-not-present channels.
Transakt uses digital certificate technology and proprietary validation techniques tailored to a wide range of mobile devices to create a mutually validated, end-to-end encrypted communication channel between a bank and its customers mobile phones or tablets.
The Transakt software development kit can be integrated into existing full-service banking apps, but it is also available as a standalone authentication app available in all major app stores. The solution defeats phishing and man-in-the-middle/browser schemes, mobile malware, keystroke logging and number porting, SIM swaps and many other forms of attack.
Vincent Ezeora, FASLs Business Development Lead, underlined the security issues that FIs in Nigeria deal with, saying that the Nigeria Deposit Insurance Corporation (NDIC) recently stated that banks lost revenues to fraud in 2015. This underscores how poorly current solutions, mainly based on one-time passwords, are serving the countrys financial institutions.
Transakt meets the requirements set out in the Central Bank of Nigerias ‘Circular on Implementation of Two Factor Authentication for Internal Banking Processes’
Entersekt is a company focused on push-based authentication and app security, seeking to provide financial services companies and their customers with protection from online fraud.
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