With so many different banks focusing their attention on the mobile space right now, proper security measures will need to be implemented sooner rather than later. Instead of trying to develop additional layers in-house, several banks are outsourcing the security aspect of their mobile apps, which is what FirstBank is doing through Entersekt. Third parties stacking on top of third parties makes it hard to see who will be responsible for the loss of funds if something goes wrong, and this lack of transparency could be a critical issue.
Also read: Losing Bitcoins Through Theft Is A Crime
FirstBank and Entersekt Join Forces
Multi-factor authentication is a major factor in bringing additional security features to the mobile banking sector. Entersekt is a company specializing in authentication protocols, and their Transakt product will be used to enhance the safety of the mobile banking app provided by FirstBank.
FirstBank is not one of the major US banks by any means, as they are only in operation in Colorado, Arizona, and California for the time being. Because this is such a small bank, they need to take security measures to the next level, as they could end up becoming a more appealing target for hackers compared to major banks. After all, FirstBank holds US$15.6bn in assets.
By integrating the Transakt SDK into their mobile app, FirstBank will provide its customers one-touch authentication. Contrary to what people might assume, there will be no fingerprinting involved in the process, as Transakt uses digital certificates to verify users’ identities. Furthermore, these same transactions are used for signing off on transactions.
Entersekt CEO Schalk Nolte explained this partnership as follows:
“The US market demands exceptional usability on the mobile channel, together with absolute peace of mind. We are extremely pleased to be working with FirstBank to enhance its mobile app security while delivering a best-in-class user experience.”
Various financial services are using the Transakt SDK to provide a secure environment to their customers. Not only can Entersekt’s flagship product be used for mobile banking, but it applies to e-commerce, call center interaction, and various other purposes as well. Plus, Transakt can be downloaded as a stand-alone security app from all the main app stores as well.
Taking Things One Step Further With The Blockchain
While it is commendable to see companies like Entersekt take a different approach to authentication security, there is still a lot of centralization going on. Using digital certificates for authentication and verification is a significant step in the right direction, but all of the information is still controlled by Entersekt and its partners.
Blockchain technology would be a great addition to this form of authentication, as it would allow for information to be distributed across various locations. Furthermore, this takes away any remaining central points of failure in the authentication process. With so many banks exploring the boundaries of blockchain technology, authentication firms such as Entersekt could benefit a lot from exploring these options as well.
Source: Finextra
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