THE DBS Bank's one-time password (OTP) system aims to make
transactions more secure without adding significant inconvenience
to its users.
However, my recent experience with it in Seoul proved
otherwise.
South Korea uses a different telephone system, so I could not
use my SingTel line. This proved disastrous when I tried to use my
DBS credit card to purchase air tickets for an upcoming overseas
trip.
I could not receive my OTP, which is delivered via SMS. When I
contacted DBS customer service, I was told to update my overseas
phone number on the DBS iBanking system and that the change would
take effect a day later.
It turned out to be a wrong advice. Two days later, I was told I
had to print and send a document through snail mail to DBS before
it could update my overseas mobile phone number in the system. This
paper and stamp process would have taken a week.
Such a requirement prevents credit card holders from completing
a critical online transaction while overseas. I had to use my
United States credit card and pay a higher international
transaction fee, as well as less favourable exchange rates.
What is the use of a credit/debit card if it is unable to allow
card holders to make transactions conveniently?
Banks in other countries allow many other flexible means of
updates and verification instead of just snail mail documents,
which can be forged.
They include communicating through a verified e-mail account,
and cross-checking recent transactions and personal details, among
others.
These strike the right balance between security and
convenience.
David Sng
