ATLANTA & CAPE TOWN, South Africa--(BUSINESS WIRE)--Entersekt, The Financial Authentication Company, announced today that it achieved unprecedented growth in its 2024 fiscal year, driven by the continued adoption of its innovative authentication solutions. Financial institutions worldwide are increasingly choosing Entersekt as their partner to fight digital banking account takeover (ATO) fraud and card-not-present (CNP) payment fraud. The company has secured over 2.5 billion transactions over the past year, protecting its financial institution (FI) clients and their end customers from fraud losses and financial scams. The fiscal year ends with tremendous momentum fueled by the combination of its recent acquisition, strategic partner expansion, award-winning technology innovation, and additional executive hires and board appointments.
“FY24 was a remarkable year for Entersekt as we strengthened our financial position with both top-line and bottom-line growth,” said Schalk Nolte, CEO of Entersekt. “Our strategic channel and reseller partners have provided an ability to expand into new geographies and reach more top tier financial institutions, while our Context Aware™ Authentication technology for digital banking fraud prevention and payment security is being recognized as both innovative and market-leading.”
According to Liminal's upcoming ‘Link Index on Account Takeover (ATO) Protection for Financial Services,’ 60% of FIs say online fraud losses are increasing and phishing attacks are up 67%, accounting for 25.1% of all financial losses from ATO incidents. Additionally, Datos Insights reports that CNP fraud continues to grow and will reach $12.9B in the US by 2026. Entersekt is leading the fight against these financial fraud attacks with its digital banking authentication and payment security solutions.
Entersekt FY24 news and highlights:
Record growth in revenue driven by new clients: Entersekt’s record growth in revenue was driven by a substantial increase in new clients in North America this past year.
Scaling global presence: Entersekt protects nearly 900 banks, credit unions, payment processors and card networks globally, including four of the six biggest payment companies in the world as well as several of the top 10 banks in the US, Africa, and Europe. The company now employs over 300 people around the world, including in the US, South Africa, Europe, UAE, Philippines, and Pakistan.
Acquisition of Modirum 3-D Secure Solutions: In December 2023, Entersekt completed its acquisition of the Modirum 3-D Secure software business from Modirum, making Entersekt one of the top five 3-D Secure solution providers in the world.
Expanded Mastercard partnership: In addition to expanding its reseller relationship, Entersekt was a featured partner in Mastercard’s Scam Protect initiative to help identify and prevent payment scams, announced in April 2024.
Accelerated digital banking authentication adoption: In its fourth quarter of FY24, Entersekt went live with five new Q2 digital banking clients for customer authentication, including Chartway Federal Credit Union, adding over 250,000 consumers to its platform.
Strategic partners drive growth and expansion: In November 2023, eBankIT became the second digital banking platform to partner with Entersekt, while reseller partnerships with multiple fintechs delivered strong performance across European and Latin American markets.
Industry veterans added to Entersekt Board: Former Cardinal Commerce CEO and founder Tim Sherwin joined Entersekt’s Board of Directors in April 2024, and Jon Roskill, former Acumatica CEO and Microsoft executive, was added in 2023, strengthening executive and advisory experience in the payment fraud prevention space on the Entersekt board.
Chief Operating Officer joins: In January of 2024, Tina Williams joined Entersekt as its Chief Operating Officer, based in Atlanta, Georgia, to expand the customer success function while leading its global support and delivery teams. Tina is a specialist in customer experience and B2B SaaS software and brings over 20 years of experience in managing results- and data-driven teams.
About Entersekt
Entersekt, The Financial Authentication Company, provides financial institutions with digital banking fraud prevention and payment security solutions through its cross-channel, Context Aware™ Authentication platform that secures digital transactions and optimizes user experiences. Founded in 2010, Entersekt serves financial institutions around the world, and holds 120+ patents for its security innovations. In 2023, Entersekt acquired the Modirum 3-D Secure software business from Modirum, a security technology firm based in Helsinki, Finland, positioning Entersekt as a global industry leader in authentication solutions for financial services. Entersekt processes 2.5bn+ transactions for 250m+ cardholders and 450,000+ merchants from nearly 900 banks in 70+ countries. Backed by companies like Silicon Valley-based Accel-KKR, one of the world’s top private equity firms, Entersekt continues to expand its footprint across key regions. For more information, visit entersekt.com.
