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Visa has certified the ENTERSECT award winning second factor transaction authentication solution allowing issuers to authenticate online card purchases.

Credit cards continue to be the easiest and most convenient way to shop online. A passport to international purchases, cards provide a one-click payment solution, allowing funds to move around the globe. This has fuelled and facilitated the e-Commerce revolution and will in all likelihood continue to be the way we pay online for many years to come. This very simplicity has allowed fraudsters to cash in on the anonymity of the Internet. All that is required is access to a few details on the credit card, all available in plain sight, to enable fraudulent online transactions. “Card not present” fraud continues to be a problem for both consumers and banks, costing the UK ₤296 million in 2010 and with the increase in online purchases in 2011, this is likely have increased significantly.

The Entersect software prevents both “Man in the Middle” fraudster attacks on online banking and effectively prevents fraudulent credit card transactions, using the user’s mobile phone as a 2nd factor to authenticate the transaction. The simplicity of the software for the end user has created worldwide interest in the Stellenbosch based company as users are typically not interested in complex password solutions.

Once a card purchase is sent through to the bank, the message containing the transaction details are relayed instantly to the customer’s mobile device. The customer can then choose to either “Accept”, or “Reject” the purchase. The response is sent back to the issuing bank, and relayed to the merchant using the Visa 3-D Secure infrastructure. The software provides a number of fallback solutions based on user connectivity i.e. sms transaction authentication, USSD transaction authentication and OTP generation on the phone. A key benefit is that users travelling internationally are able to continue banking even when they use an alternate international SIM card.

Schalk Nolte, CEO of Entersect says “We are extremely proud to be one of only a handful of companies, internationally, accredited by Visa. Our software is being integrated into local and international banks infrastructure and shortly banking consumers will have first-hand experience of the Entersect solution”.

Submitted by: Jenny Dugmore, Entersect – jenny@entersectmobile.com
www.entersectmobile.com

This press release was distributed by ResponseSource Press Release Wire on behalf of Entersect in the following categories: Consumer Technology, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.