Cellulant has announced a new partnership with Entersekt, an organization that offers services for device identity and omnichannel authentication.
The collaboration will see Cellulant inject new blood into its cybersecurity arm while securing its digital banking channels and guarding against digital banking and payment frauds.
According to the latest numbers, banking fraud is one of the biggest threats in Africa following hundreds, probably thousands of reported cases and billions of cash losses.
Up to 47 percent of users in the Middle East and Africa regions have faced banking fraud at least once in the first half of 2020.
Banking app security has been cited as one of the biggest challenges to address, and is still one of the most used attack vectors.
According to researchers, ‘banking apps belong to the most security-critical and data-sensitive app category’, following a study that examined 693 banking apps from 83 countries, including 49 apps from Africa.
The review found more than 2100 secuirty weaknesses in the tested apps, and about a third of those apps relied on invalid authentication implementations.
More than half of the tested apps displayed weaknesses in data transmission.
Now, the partnership aims to integrate Cellulant’s first mobile software development kit (SDK) with the payment firm’s product stack. This will then make Entersekt’s authentical and app security solutions available to Cellulant clients.
Cellulant says that Kenya’s two largest banks are working on their deployment.
What they said
We are delighted to be partnering with Cellulant. The company works with some of the finest brands on the continent. 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.
-Schalk Nolte, CEO of Entersekt
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. We look forward to continuing our work with Entersekt as we help our clients take advantage of the many efficiencies afforded by digital banking.
-Cellulant CTO George Murage