Safeguarding high-risk digital banking transactions.
Use cases | Banking transaction authentication
Ensure the highest level of security and optimal experiences for your customers when they move money via their digital banking accounts.
Safeguarding high-risk digital banking transactions.
Use cases | Banking transaction authentication
Ensure the highest level of security and optimal experiences for your customers when they move money via their digital banking accounts.
Legacy methods of authentication are no longer a match for modern-day consumers, their digital banking interactions, or the range of fraud vectors and combinations used by criminals.
FIs must evolve their authentication methods to ensure robust security for high-risk digital banking transactions, without causing additional friction for their customers.
Entersekt’s authentication leverages passive identifiers to silently prove possession and combines that with a customer’s chosen active authentication method. These can range from MNO and Mobile Authentication to Browser Authentication and biometric verification.
This approach not only secures the following high-risk transactions typically carried out via digital banking, but does so in a consistent way that customers prefer.
Push payments include P2P payments, via Zelle or Venmo for example, and A2A transfers, like bill payments. Because a payer initiates the transaction themself and instantly "pushes" money to a payee's account, the payment becomes irrevocable, making it an attractive option to fraudsters. Entersekt secures these payments by sending a confirmation request to the payer to ensure the legitimacy of the transaction. The request contains important context like time, location, and account information.
Although Automated Clearing House (ACH) payments are less common than debit card or digital wallet transactions, they are still used by some for online bill payments, person-to-person transfers through certain services, and high-value transactions where fees associated with credit cards might be undesirable. These payments often require FIs to manually confirm the transaction via an outbound call. With Entersekt, however, they can be automatically authenticated via a push notification containing the relevant details of the transfer for the user to review and confirm. FIs save on outbound calls via call center agents, which are also prone to human error.
Digital wallets enable convenient storage of, and access to, payment information from credit cards, debit cards, or bank account via a phone or device. They can be used for in-store purchases, online transactions, and even peer-to-peer payments in some instances. But convenience comes at a price, and criminals are increasingly exploiting digital wallet users through sophisticated phishing attacks. Entersekt protects these transactions by authenticating with biometrics to add an additional layer of security.
- Personal finance management: Aggregating financial data from all your customers’ accounts for better budgeting and saving.
- Payments: Initiating secure payments directly from a bank account through third-party apps.
Entersekt secures these transactions via mobile push notification, which contains the relevant context to ensure account information is not shared with bad actors.
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