South Africa: Nedbank Institutes New Verification System

Nedbank plans to implement an interactive transaction authentication (ITA) system, designed by Stellenbosch based Entersekt, a mobile technology company offering banks an innovative solution for secure online and mobile banking. Known as 'Approve-it', it will provide greater protection against online fraud for their customers.

Schalk Nolte, CEO of Entersekt says, "Banks worldwide are recognizing the value of using mobile devices as an additional security device for online banking. However most banks currently send one-time passwords" (OTP) by SMS to their customers who wish to execute sensitive online transactions.

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