Entersekt, a leading provider of authentication solutions, announced Wednesday (Oct. 18) the launch of a fully integrated mobile application authentication solution for financial institutions (FIs), using the Q2 Digital Banking Platform.
This solution, developed in partnership with Q2, provides advanced authentication features within the mobile banking platform, offering a consistent user experience across multiple channels.
The integration of Entersekt’s authentication suite into the Q2 Mobility App allows FIs to protect against various types of fraud, including account takeover fraud, ACH and wire fraud and device takeover fraud. By leveraging the pre-built integration, FIs can instantly deploy the solution to their mobile banking app, reducing call center volumes and providing a secure environment for customer logins and high-risk transactions.
Entersekt’s authentication suite offers several benefits to FIs, including the prevention of account takeover fraud attacks, protection of high-risk transactions, streamlined password reset requests, and elimination of third-party one-time passcodes for debit card e-commerce payments. Additionally, the solution allows FIs to register and identify clients’ trusted devices, creating a secure environment for digital transactions.
The authentication solution leverages patented technologies and industry standards such as FIDO Authentication, ensuring a secure and frictionless customer experience. Entersekt is a Q2 Innovation Studio partner, and its authentication solution can be found on the Q2 Marketplace.
Greg Esser, director of strategic partnerships in the U.S. at Entersekt, has highlighted the need for a new approach to authentication in a recent conversation with PYMNTS, stating that one-time passcodes (OTPs) are increasingly being targeted by fraudsters. He warned about the vulnerability of OTPs to man-in-the-middle attacks, where fraudsters can deceive users into clicking on malicious links and gain access to their communications and back-office systems.
Esser emphasized the importance of data sharing and the adoption of new security methods to combat fraud. He mentioned the progress made with regulations such as PSD2 and the use of data and behavioral biometrics to better understand cardholders. However, he acknowledged that smaller financial institutions, including credit unions, may face challenges in upgrading their technology due to budget constraints. Esser recommended partnering with providers and platforms to facilitate the transition and improve the consumer experience.
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