The introduction of the OTP means a dual password authentication is required. This is a stronger means of customer authentication as it relies on:
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, 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 the online banking services. This makes it more difficult for hackers who manage to obtain a string of customers' usernames and passwords via phishing or spyware.
With the implementation of the Security Device, you are required to use your SMS OTP and/or the Secure Device to authenticate your transactions.Please click here for more information.