Nedbank launches Approve-it™ – an enhanced internet banking security feature, the first of its kind in South Africa
This cellphone-based transaction authentication system is seen as superior to the current one-time password (OTP) system
Nedbank has introduced and implemented Approve-it™, the latest in internet banking security functionality. The launch of Approve-it™ forms part of the bank’s ongoing commitment to curb online fraud, ‘phishing’ and scams, while ensuring a distinctive client experience. This is in line with one of Nedbank’s key strategic business drivers – to lead in digital banking, providing secure, easy-to-do banking, any time, anywhere.
Approve-it™ is a groundbreaking interactive computer security system, allowing clients to authenticate sensitive internet banking transactions from their cellphones. This enables clients to ‘approve’ or ‘reject’ the transaction should they suspect that their profile has been compromised, thereby reducing the risk of fraudulent attacks such as account hacking and phishing.
Approve-it™ will replace the existing one-time password system. By authenticating each sensitive internet banking transaction from their cellphone, Nedbank clients will be able to mitigate the risks and improve the experience related to entering sensitive information on their computers. To encourage further precaution, clients are advised not to access internet banking via links embedded in emails.
According to Anton de Wet, Nedbank’s Managing Executive of Client Engagement, ‘Approve-it™ seeks to empower clients by giving them control over the approval process. It does not require registration for current one-time password users, and caters for the majority of cellphones,’
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’ (OTPs) by sms to their customers who wish to execute sensitive online transactions. 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.
‘We continue to invest in innovative banking solutions that provide great-value banking, based on simplicity, transparency and affordability. Approve-it™ is truly an evolution in security technology and the first of its kind in South Africa. We are delighted to partner with Entersekt, enabling Nedbank to roll out banking applications instantly to all our digitally enabled clients across all segments of the market catering for the entry level cell phones to smart phones and tablets at absolutely no cost to them,’ added Fred Swanepoel, Chief Information Officer at Nedbank.
Approve-it™ follows a simple process whereby Nedbank clients will receive a message on their cellphone, and all they need do is press 1 to approve the transaction or 9 to reject the transaction.
‘This cutting-edge development greatly improves banking security – enabling clients to bank more safely and conveniently, anytime, anywhere, across Nedbank’s internet banking platform,’ concluded Swanepoel.
For information on the new internet banking security system, clients can go to:
• www.nedbank.co.za
• https://netbank.nedsecure.co.za
or clients can call the Nedbank Contact Centre on 0860 555 111.
