Cellulant and Entersekt enter deal to combat banking fraud

Written By: Ronald Owili

Cellulant Group CEO Ken Njoroge (L) with George Murage Chief Technology Officer (R). PHOTO. | Courtesy

Cellulant has entered into a partnership with Entersekt to seal loopholes in banking applications used by its clients and customers which are occasionally being exploited by cybercriminals to swindle unsuspecting users.

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According to the firm, the partnership will enhance Cellulant’s cybersecurity by proactively securing its digital banking channels and guarding against digital banking and payment frauds.

Under the deal, Entersekt will integrate its mobile software development kit with Cellulant’s product stack, making Entersekt’s authentication and app security solutions available to Cellulant’s clients.

“This collaboration will mean their partner banks’ end-customers can enjoy increased safety and security while transacting. We are very happy to support Cellulant’s cybersecurity efforts to drive consumer confidence in digital banking and boost the adoption of digital payments on the continent,” said Schalk Nolte, CEO of Entersekt.

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Cellutant says banking app security remains a challenge as more lenders seek to transfer transactions to alternative channels such as mobile apps which have peaked during the COVID-19 pandemic.

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“Our clients trust us to not only be constantly innovating around digital banking and payments but also to guarantee safety and security. Being able to provide the powerful security and authentication services of Entersekt will significantly add to our platform offering. Through this partnership, we can deliver some of the most sophisticated services available anywhere in the world,” said Cellulant CTO, George Murage.

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A study conducted by a group of researchers early this year in 83 countries covering 693 banking apps, 49 of which are in Africa revealed 2,100 weaknesses in the apps tested.

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Of the total apps tested, 222 relied on invalid authentication implementations, while another 324 apps displayed weaknesses in data transmission.

Kenyan baking sector and state agencies are continuously the most targets institutions by cybercriminals who netted an estimated Kshs. 29 billion in 2018.

A recent study by Kaspersky indicates that 47% of users in the Middle East, Turkey, and Africa have faced banking fraud at least once in the first half of 2020.

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