SMS OTP can contribute more protection for any of your online banking activities. We may send you an SMS to verify a range of online banking activities, such as Pay Anyone payments and creating a PayID.
Both personal and business customers will have this additional layer of security added to their accounts.
A one-time passcode is a single-use passcode for only one of your online banking activities. We will send you an SMS OTP to your mobile phone number on our records to confirm certain online banking activities.
How does it protect the banking sector?
This is an example of two-factor authentication, which can provide an additional security layer when using SMS OTP digital services for online banking.
1st factor – Something you know
Your customer registration number (CRN) and passcode are the first-factor or first layer of authentication used to prove our identity.
2nd factor – Something you have
The second factor is an additional authentication layer. A one-time password sent to your mobile phone provides this extra layer and may be requested to verify a range of online banking activities.
Registering for SMS OTP
You don’t need to register for SMS OTP. You will automatically be issued with SMS OTPs, as long as we have your correct mobile phone number on our records. You can check and update your mobile number in the profile section you have of Internet Banking.
With your mobile phone, you can demand and receive bank-related information via SMS messages.
- You can ask to be sent an automatic message notifying you about your current balance each banking day.
- You can request to be sent an automatic message informing you about an online transaction related to your account performed with a bank card.
- You can ask to be sent an automatic message informing you about the crediting and debiting of your current account.
- You can question your account balance or about transfers that have been affected to or from your account at any point during the last 30 days.
- You can inquire about the current purchase and ATM limit on your card or even change it.
- You can ask for banking FX and cash rates, Investment funds units, or stock-exchange information to be sent to your mobile phone at any time.
The benefits of SMS OTP for online banking are tremendous; that is why the banking sector is better of including this service in their business strategy.
To sum up, when you use Internet Banking and then conduct transactions such as money transfers, verification codes will usually be sent to your mobile number. The code is a secret code that is only valid for one-time use and with a specific time limit. Without the Bank’s SMS OTP code, our internet banking transactions cannot be processed. Broadnet Technologies aims to help you conducting and enhancing your online banking service through its well-developed SMS OPT service.
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