Here at QT Mutual Bank, we recognise that online privacy and security is critical – especially when it comes to money matters.
That’s why our next internet banking upgrade, which is just around the corner, will require all customers to register a unique mobile number – not used by anyone else – for SMS security (two-factor authentication or 2FA for short).
What is 2FA?
2FA is a security measure that requires not only a username and password but also an extra piece of information that only you know. Security tokens sent via SMS are commonly used as that extra piece of information. When you have 2FA enabled with us we will send you SMS security notifications and token codes (known as one-time passwords or OTPs) straight to your mobile phone for internet banking tasks, such as establishing new external transactions and payees.
As the name suggests, 2FA means you’ll need to provide two authentication factors to verify your identity when making certain banking transactions. The first authentication factor is your usual password you use when you login. The second authentication factor is the OTP sent to your phone to authorise the transaction.
What are the benefits?
The obvious advantage of 2FA is improved security. Without 2FA activated on an account, if someone somehow gets hold of your standard password, they can simply login to your account and make BPAY transactions under your name or make unauthorised transfers to unknown payees before you’ve even realised it’s happened. But introduce the need to enter an OTP when completing a new transaction and this threat is substantially reduced.
Set up for SMS security today
If you already have a unique mobile number linked to your account but it’s not enabled for SMS security, you can switch it on by logging in and going to Menu > Security > Security Maintenance > Add SMS Device. Alternatively, call us on 13 29 30 or visit your local branch to nominate a unique mobile number suitable for SMS security.