BSP has increased its internet banking security by implementing a SMS One-Time Passcode (OTP).
This new feature prevents unauthorised persons from transferring funds from customers accounts to accounts of other persons.
“Our customers can be assured that the new security feature will protect them from unauthorised fund transfers from their BSP accounts to any third party via internet banking,” BSP Fiji country manager, Kevin McCarthy said.
SMS OTP compliments the current protection softwares and firewalls that prevent BSP customers from falling victim to hacking, phishing or other current forms of cybercrimes.
“BSP is vigilant in the monitoring of this ever changing category of crime (i.e. Cybercrime). It is for this reason that we continue to improve our BSP Online Personal Internet Banking offering with added security measures for our customers,” said Mr McCarthy.
The SMS OTP is a password that is valid for a specific time only in order to allow for an authentication process to take place when customers try to add a new payee to transfer funds to.
When adding a new payee, customers are asked to enter the new payee details after which they are required to click “get SMS code”. A unique numeric passcode will be sent via text message to their registered mobile phones. Customers are then required to enter this passcode and click “submit” to allow the new payee to be saved in the payee list.
“We still encourage our valued customers to take appropriate measures to protect themselves from cybercrimes. Some preventative measures that should be adhered to are:
- Log onto the original web page and not a web page provided through an email.
- Protect your identity. Do not respond to emails from strangers or competitions that look too good to be true.
- Do not be tempted into free downloads or free software downloading - some have a ‘cookie’ that could withhold a user’s personal information.
- Ensure you have adequate protection (i.e. antivirus and anti-spam protection) on your PC.