Entersekt offers FIDO authentication to improve the security of financial institutions
Cyber ââattacks represent a huge risk for financial institutions. The cost of data breaches averages tens of millions of dollars, and other consequences are often far-reaching for organizations and their customers. Passwords are the root cause of these breaches, about 80% of the time.
âIt is essential to eliminate passwords and replace them with more secure and user-friendly solutions,â says Christian Ali, SVP Product, Entersekt.
Ali says there has been a massive increase in online fraud over the past 18 months. Existing methods of authenticating consumer identities and transactions typically rely on outdated and less secure solutions such as passwords or OTPs, while more secure solutions often require a mobile app. Additionally, a poor user experience often leads to cart abandonment and lost sales. Users are frustrated and the banks are in danger.
To bridge the gap between enhanced security on the one hand and a good user experience on the other, Entersekt has extended its authentication suite to include FIDO authentication. The FIDO2 certified solution is quick and easy to integrate into the customer journey. It offers an intuitive alternative to passwords and app-based authentication for login and online payments, and accepts both roaming and platform authenticators.
âOur platform enables financial institutions to offer their customers a truly intuitive user experience,â says Ali. “In Europe, it also enables institutions to comply with Strong Customer Authentication (SCA) requirements under the revised Payment Services Directive (PSD2).” The Entersekt solution was recently implemented by the German issuing processor PLUSCARD in partnership with Netcetera, becoming the first FIDO certified alternative to application-based authentication in Europe.
âWe wanted to provide all of our customers with a secure solution to authenticate online payments, including customers who do not use smartphone apps. The market‘s first FIDO implementation provided by Entersekt and Netcetera enables just that, âsays Petra Silsbee, Head of Department: Fraud Prevention / Dispute Management at PLUSCARD.