The Bank South Pacific yesterday announced the scheduled deployment of an enhanced Factor 2 Authentication solution for its trusted online banking facility which will come into effect this Friday.
This is in line with the bank's promise to strengthen its existing robust authentication system for both corporate and retail banking customers.
BSP country manager Kevin McCarthy said they had put in place a vigorous security framework in order to give their customers security, superior user-friendly experience and at an affordable low cost of ownership.
The Factor 2 Authentication solution guarantees a strong authentication process between the bank and its online banking customers by enabling an easy and transparent customer user experience.
BSP online banking customers will need to employ either the use of SMS OTP (one time password) or e-token in order to add a payee, edit an existing payee, undertake an ad hoc transfer of funds, schedule future payments, edit scheduled future payments or transfer funds over and above pre-approved limits.
"When a user tries to carry out any of the above-mentioned online banking transaction, they are prompted to click on "Get SMS OTP".
"Then they receive a numeric password delivered as a text message via their mobile phones.
"Those without access to mobile phones or live in remote locations including our overseas-based customers are advised to opt into purchasing an e-Token available at any branch near you," explained Mr McCarthy.
To prove that an attempted transaction is genuine, BSP relies on a user's mobile phone — something almost everyone carries today.