Nedbank says its one year old enhanced internet banking security feature, Approve-it, has helped deliver a 99% reduction in phishing losses within its client base.
Nedbank introduced “Approve it” in 2012. The reduction in phishing losses took place while internet usage was increasing. The bank reported that over 16 million secure online transactions were conducted during the same period.
Nedbank said “Approve it” was launched as a first of its kind in South Africa in 2012 and came to replace the one-time password (OTP) system. Approve-it is a cellphone-based transaction authentication system that allows clients to authenticate sensitive internet banking transactions from their cellphones. It enables clients to approve the transaction or reject it should they suspect that their profile has been compromised, thereby reducing the risk of fraudulent attacks such as account-hacking and phishing.
“We are delighted with the 99% reduction in phishing losses since the introduction of the Approve-it system,” says Anton de Wet, Managing Executive of Client Engagement at Nedbank. Mobile and internet banking have become one of the most popular forms of banking and it is extremely important that users continue to adopt strict security measures when using these platforms. More importantly, we believe banks need to continue investing in innovative solutions aimed at curbing online fraud, phishing and other scams, as fraudsters continue to display relentless determination in developing new phishing and other scamming methods”.