What is One Time Password (OTP)?
One Time Password (OTP) is a security feature in DBS ec-banking. The OTP of DBS ec-banking is a password sent by us to your mobile phone number (registered with DBS Bank for this purpose) via Short Message Service (SMS). An OTP is required when you log in to DBS ec-banking or perform designated transactions.
Why do I need to have the One Time Password (OTP) to access ec-banking? What are the benefits?
OTP further improves the security of DBS ec-banking by providing additional password authentication. On top of your ec-banking username and password, you will need to key in this additional password (OTP) when conducting login and designated online transactions on DBS ec-banking.
The introduction of the OTP means a dual password authentication is required when customers access DBS ec-banking. This is a stronger means of customer authentication as it relies on:
- information you know (that is your username and password) and
- information the bank provides to you (that is the SMS-based OTP)
Online fraud and mischief is becoming increasingly sophisticated and as it evolves, online security itself has to advance to combat these cyber crimes. With the implementation of dual password authentication during the login process, should your username and password be compromised for any reason, the "thief" will also need to have your registered mobile phone for the OTP, without which he will be unable to access your ec-banking. This makes it more difficult for hackers who manage to obtain a string of customers' usernames and passwords via phishing or spyware.
What designated services require an OTP?
When performing the following services through ec-banking, an OTP is required:
- Login to DBS ec-banking
- Fund Transfer to Non-Registered Third Party Accounts
- Bill Payment services related to designated payees
- "Banking and Credit Card Services" category
- "Credit Services" category
- "Securities Broker" category
- The Hong Kong Jockey Club
- Update Personal Details
- Increase ec-banking Daily Limit
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