What is One Time Password (OTP)?
One Time Password (OTP) is a security feature in DBS . The
OTP of DBS 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 on to DBS or perform designated
transactions.The SMS will not be forwarded to any other mobile phone number even if you have subscribed for SMS forwarding service provided by telecommunication service provider in Hong Kong.
Why do I need to have the One Time Password (OTP) to access DBS
? What are the benefits?
OTP further improves the security of DBS by providing additional password authentication. On top of your username and password, you will need to key in this additional password (OTP) when conducting logon and designated online transactions on DBS .
The introduction of the OTP means a dual password authentication is required when customers access DBS . 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
logon 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 DBS .
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?
An OTP is required when you use the following services via DBS :
- Log on to DBS
- Funds Transfer
- Funds Transfer to Non-Registered Third Party Accounts
- Setup Standing Instruction
- Bill Payment to
- payees in the "Banking and Credit Card Services" category
- payees in the "Credit Services" category
- payees in the "Securities Broker" category
- "The Hong Kong Jockey Club"
- Update of Personal Details or My Alerts Contact
- Increase of DBS Daily Limits
- Subscription, amendment or cancellation of “My Alerts”
in relation to the following services
- Funds Transfer to My Account
- Bill Payment
- Current Account Overdrawn
- Securities IPO Allotment Result
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