Entersekt Closes Out Record Year of Growth and Expansion

InsectThe Financial Authentication Company today announced that it achieved unprecedented growth in fiscal 2024, driven by continued adoption of its innovative authentication solutions.

Financial institutions around the world are increasingly choosing Entersekt as their partner to combat digital banking account takeover (ATO) and card-not-present (CNP) payment fraud. The company has secured more than 2.5 billion transactions in the past year, protecting its financial institution (FI) customers and their end customers from losses due to financial fraud and scams. The fiscal year concludes with tremendous momentum fueled by the combination of its recent acquisition, expansion of strategic partners, award-winning technology innovation, and additional executive hires and board appointments.

“Fiscal year 2024 was a remarkable year for Entersekt, as we strengthened our financial position with growth in both revenue and net income,” said Schalk Nolte, CEO of Entersekt. “Our strategic channel and reseller partners have enabled us 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 recognized as an industry-leading, innovative technology.”

According to the next ‘Index of links on account takeover protection (ATO) for financial services,’ 60% of financial institutions say online fraud losses are increasing and phishing attacks have increased by 67%, accounting for 25.1% of all financial losses resulting from ATO incidents. Additionally, Datos Insights Reports that CNP fraud continues to grow and will reach $12.9 billion in the United States 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 revenue growth driven by new customers: Entersekt’s record revenue growth was driven by a substantial increase in new customers in North America last year.
• Expanding Global Presence: Entersekt protects nearly 900 banks, credit unions, payment processors and card networks globally, including four of the six largest payment companies in the world, as well as several of the top 10 banks in the U.S., Africa and Europe. The company now employs more than 300 people globally, including in the U.S., South Africa, Europe, the United Arab Emirates, the Philippines and Pakistan.

• Acquisition of Modirum 3-D Secure Solutions: In December 2023, Entersekt completed its acquisition Modirum’s Modirum 3-D Secure software, making Entersekt one of the top five 3-D Secure solution providers in the world.

• Expanded partnership with Mastercard: In addition to expanding its reseller relationship, Entersekt has been a prominent partner in the Mastercard program Scam Protection initiative to help identify and prevent payment scams, announced in April 2024.

• Accelerated adoption of digital banking authentication: In the fourth quarter of fiscal year 24, Entersekt launched five new Digital Banking in Q2 customers for customer authentication, including Chartway Federal Credit Union, adding more than 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 several fintechs have produced strong performances in European and Latin American markets.

• Industry Veterans Added to Entersekt Board: Former CEO and Founder of Cardinal Commerce Tim Sherwin Joins Entersekt Board of Directors in April 2024, and Jon Roskillformer CEO of Acumatica and Microsoft executive, was added in 2023, bolstering the payments fraud prevention industry’s executive and advisory experience on Entersekt’s board.

• The Chief Operating Officer joins: In January 2024, Tina Williams joined Entersekt as Chief Operating Officer, based in Atlanta, Georgia, to expand the customer success function and lead the global support and delivery teams. Tina is a specialist in customer experience and B2B SaaS software with over 20 years of experience leading data-driven, outcome-driven teams.

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