have u all received the token for the 2-factor
authentication?
1. What is 2FA?
2FA stands for Second Factor Authentication.
2. Why do I need to have a DBS iB Secure Device to access iBanking?
What are the benefits?
The introduction of DBS iB Secure means a second factor
authentication is required when iBanking customers access iBanking.
This is a stronger means of customer verification as it relies
on:
1. information you know (that is your PIN) and
2. information the bank provides to you (that is the randomly
generated DBS iB Secure PIN)
Online fraud and mischief is becoming increasingly sophisticated
and as it evolves, online security itself has to advance to combat
these cyber crimes. With the implementation of 2FA, should your
User ID and PIN be compromised for any reason, the "thief" will
also need to have the your personal DBS iB Secure device, without
which he will be unable to access your iBanking. This makes it more
difficult for hackers who manage to obtain a string of customers'
User IDs and PINs via phishing or spyware.
3. What is this DBS iB Secure Device?
This is a security device which generates a random PIN that acts as
a second level of authentication for you, the user. After
registering your DBS iB Secure device with us, you will require the
physical device when you subsequently login to iBanking. That is,
you will have to login with your User ID, PIN and the randomly
generated PIN that is displayed on the DBS iB Secure Device.
As there is no dependency on a third party for this second level of
authentication, you will not need to rely on another party's
service standard to access iBanking.
4. Will there be any changes to the current iBanking
services?
No. This change will affect the way you login to iBanking. The
current iBanking services will not be affected. You will still be
able to perform bill payments, funds transfers, set up standing
instructions etc as per normal.
5. Do I have to pay for the DBS iB Secure Device?
As a commitment to our customers, we will be issuing the first DBS
iB Secure Device to our customers with our compliments. The DBS iB
Secure Device has a long lifespan and should last up to 5 years
before it has to be replaced. As with all other banking
collaterals, such as ATM and credit cards, there will be a
replacement charge for lost DBS iB Secure devices. In this case,
the charge is $20 (subject to GST).
