First Authentication Services Limited brings Entersekt's two-factor authentication to Nigeria
- Published on 28 July 2016
Entersekt, an innovator in mobile-enabled digital banking security, has entered into an alliance with First Authentication Services Limited (FASL) to make Transakt available in Nigeria.
First Authentication Services Limited (FASL) has partnered with Entersekt, an innovator in mobile-enabled digital banking security, to make Transakt available in Nigeria. Transakt is a patented two-factor authentication and app security product that provides full protection from phishing and other attacks targeting the online, mobile and card-not-present channels.
Transakt uses state-of-the-art 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.
This channel, which is fully out of band, delivers push authentication prompts to users in real time. They approve or reject transactions and digitally sign their responses with a single tap, while Transakt does the hard work in the background securing the entire process. There is no need for expensive hardware tokens or cumbersome one-time passwords.
The Transakt software development kit can be integrated into existing full-service banking apps, but it is also available as a stand-alone authentication app available in all major app stores. Bespoke customization of the authentication app is also now offered by Entersekt for banks that want to deliver a fully branded app directly to their customers.
"Transakt is the ideal two-factor authentication solution for Nigerian banks," said Vincent Ezeora, FASL's Business Development Lead. "The Nigeria Deposit Insurance Corporation (NDIC) recently stated that banks lost N18 billion to fraud in 2015. This underscores how poorly current solutions, mainly based on one-time passwords, are serving the country's financial institutions."
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. "It is specifically engineered for the financial services industry and protects a comprehensive range of channels – Internet, mobile, e-commerce, in-branch interactions, call centre interactions and more," Ezeora continued. "With it, banks can offer their customers user-friendly digital banking capabilities at a competitive cost, without exposing them to fraud."
In addition to meeting the requirements set out in the Central Bank of Nigeria's "Circular on Implementation of Two Factor Authentication for Internal Banking Processes" (19 January 2015), Transakt conforms to relevant guidance set out by the US Federal Financial Institutions Examination Council (FFIEC), European Central Bank / European Banking Authority, German Federal Financial Supervisory Authority (BaFin), Monetary Authority of Singapore, and other regulatory bodies.
It is compliant with ISO 21188:2006: Public key infrastructure for financial services. Transakt is also FIDO Certified™ as a U2F (universal second factor) authenticator.
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