nsKnox Debuts Bank Account Certificate

Security platform nsKnox on Monday (Feb. 7) introduced Bank Account Certificate, calling it a “fraud-proof approach to sharing and validating banking details.”

Bank Account Certificates from nsKnox are encrypted, signed and verifiable, meaning they protect both payers and payees and replace manual processes for verifying account ownership and “enable true sanction screening,” according to the company announcement.

Through Bank Account Certificates, businesses can provide their banking details to their customers and business partners in a secured, verifiable manner and ensure they have the correct banking details. Implementation of the certificates requires no IT effort or change.

“In our current day and age, sharing bank account details has become a risky and vulnerable task,” nsKnox said in a press release announcing the launch of Bank Account Certificates. “Making sure accurate bank account details are delivered securely is almost like a survival game,” as it involves unexpected risks.

“Fraudsters are smarter and faster by the hour and can easily hack into your company’s shared bank account details through basically every known channel,” the announcement says, including email takeovers, PDF manipulations and phone impersonations.

The end goal of nsKnox’s Bank Account Certificates is to make sure payments are sent only to their correct beneficiaries.

“We offer a secured and verifiable solution to outsmart the fraudster hacks and protect your most valuable assets,” per the nsKnox press release.

Related: Protecting Corporate Payments Requires Collaboration on Multiple Fronts

Last month, Allen Shiber, chief technology officer at nsKnox, told PYMNTS, preventing payments fraud is a multilayered problem that requires a multilayered approach.

Payment fraud is difficult to prevent because it comes in many forms and from different places, he said, meaning firms must be protected from so-called “bad actors,” who could be insiders or outsiders and also be protected from numerous attack vectors, including phishing and social engineering that attack the human mind, as well as malicious software that manipulates systems and data.