Nedbank boosts mobile security

Nedbank has launched and implemented Approve-it, a cellphone-based transaction authentication system to replace one-time password (OTP) validation.

Approve-it is a cellphone-based security system developed by mobile security company, Entersekt, with Nedbank.

It will allow Nedbank clients to authenticate banking transactions from their cellphones, giving them the option to accept or reject processes happening in the account.

“Most banks currently send ‘one time passwords’ (OTPs) by SMS to their customers who wish to execute sensitive online transactions,” explained Schalk Nolte, CEO of Entersekt.

“The weakness in this system is that the customer is then required to enter the OTP onto the bank’s online site. If the bank’s internet site is mimicked by a fraudster (i.e. a phishing site), the transaction is compromised.”

The new system will replace the one-time password system that was previously in use by Nedbank, and won’t require re-registration for current OTP users.

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Nedbank boosts mobile security