An innovative South African company, Entersekt, has created a secure way to send messages to online bankers to authenticate their identity.
Online banking fraud and recent cases of phishing have brought into question the strength of security measures such as one time passwords (OTPs).
Entersekt CEO Schalk Nolte says the security solution sends an encrypted certificate to registered bank servers to confirm transactions.
According to Nolte, Capitec, Investec and Nedbank are among the many local banks using their security services, while First National Bank (FNB) has not yet come on board.
Listen to the full conversation from CapeTalk's Breakfast with Kieno Kammies:
We realised that existing security measures, specifically one time passwords, were not working.— Schalk Nolte, Entersekt CEO
One-time passwords do not protect you against phishing.— Schalk Nolte, Entersekt CEO
CEO of @Entersekt says their system can even detect and prevent fraud via sim-swaps. They've signed up majority of SA banks— CapeTalk on 567AM (@CapeTalk) March 2, 2016