To streamline the process of accessing one's bank account online, First National Bank (FNB) is cutting out one of the security steps involved.
As of 12 February, FNB customers will only receive a confirmation one-time password (OTP) when performing a transaction requiring a confirmation, such as once-off payments, prepaid purchases and adding a recipient.
According to a tweet by the bank's Twitter avatar, RB Jacobs (@Rbjacobs, the FNB Guy), last week: “#FNB Online Banking will no longer be sending Login OTPs after 12 February. Confirmation OTPs will be sent. For information call 0875750000.”
CEO of FNB online banking Lee-Anne van Zyl says: “Having only the Confirmation OTP to enter reduces the chance of entering the incorrect OTP multiple times, thereby disabling your profile, as well as effectively reducing the time customers spend when creating and authorising transactions and purchases. The Confirmation OTP is action specific and has been kept for transactions requiring a confirmation, to ensure you are fully in control of purchasing and transacting on your online banking profile, always ensuring that you are secure.”
Van Zyl says the OTP will be replaced by the ability to view login activity on online banking profiles for the last 60 instances. “Customers will now be able to view recent successful and failed login events.”
OTPs are currently sent via SMS to customers' cellphones upon entering personal details, as a first port of call, when using online banking. The customer is then required to input the digital password in order to gain entry to the portal.
An FNB spokesperson says this contraction of the process in no way diminishes its entrenched security protocol of the bank's online platform. “This doesn't change anything security-wise. It is merely a step that FNB has taken to make the process more convenient for the customer. Confirmation passwords and SMSes will still be required and sent when customers carry out transactions, such as payments and transfers, via online banking.”
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