Online banking lets you perform different kinds of banking transactions over the Internet anytime, anywhere. In the past, you use your Username and Password—or single-factor authentication—to access your bank account online.
The problem with single-factor authentication is that it is very susceptible to online crimes like hacking and phishing. Online fraud and mischief is becoming increasingly sophisticated and, as they evolve, online security itself has to advance to combat these cyber crimes. That is why you need two-factor authentication (2FA) for online banking today.
With 2FA, you are better guarded against online dangers. Upon login, in addition to your Username and Password, you will be asked to provide a One-Time-Password (OTP). Depending on the choice of OTP generator, a set of unique number is generated and sent to you via your mobile phone or through a separate security device.
For instance, if you are a UOB customer, simply register your mobile phone number for 2FA with the bank to obtain an OTP by SMS. If you bank with DBS, you would have been issued with your personal DBS iB Secure device. Every time you log on, you will be asked for the unique OTP generated by the device.
With the implementation of 2FA, if your Username and Password are compromised, the ’thief‘ will still need to have the OTP, without which he will be unable to access your online banking account. This makes it more difficult for hackers who manage to obtain a string of customers' User IDs and PINs via phishing or spyware.
While banks have taken steps to keep customers' account information secure with 2FA, you, as an online banking user, play a crucial role in safeguarding your Username, Password and even security devices.
Here are some important steps you should take to ensure your own account safety:
Keep your Username and Password safe. Never divulge them to anyone. If you are on a public computer when doing online banking, remember to not let anyone see your password whilst you are keying it in. Very importantly as well, do not base your password and your username on personal information such as your telephone number, birth date or the likes.
- Prevent the keystrokes on your computer from being captured. And be cautious against viruses and other malicious programs. Apart from damaging and/or destroying data, they can capture your password keystrokes and other personal information and send them to another person without your consent. Find out more about how you can protect yourself against viruses and malware.
- Log in to the right website. Be sure that the website you are logging into is that of your bank and not a bogus and fraudulent one.
- Try not to do online banking on shared computers. Log out and clear your browser’s cache after every online banking session, especially so for shared computers.
- Update your browser. Always update your browsers and application software to support 128-bit SSL encryption or a higher encryption standard.
Online banking lets you perform different kinds of banking transactions over the Internet anytime, anywhere. In the past, you use your Username and Password—or single-factor authentication—to access your bank account online.
The problem with single-factor authentication is that it is very susceptible to online crimes like hacking and phishing. Online fraud and mischief is becoming increasingly sophisticated and, as they evolve, online security itself has to advance to combat these cyber crimes. That is why you need two-factor authentication (2FA) for online banking today.
