When it comes to online banking, people often worry about that
his money would be transferred out without his notice. So some
people disabled the "fund transfer" service. His internet banking
only serves for balance enquiry purpose. Thanks to innovative
thinking, now all banks force another way of verifying when
customers wish to do online fund transfer. First, you must set up
the potential payee. Then bank offers you a one time password to
activate the setup. Only after that can you transfer money to that
payee.
Different banks in Singapore provide quite different methods of
obtaining the additional online password.
(1) DBS, UOB, and Citibank send the password to customer's mobile
phone via SMS.
(2) OCBC and Maybank need customer to use phone banking to get the
password.
(3) Standard Chartered Bank wishes customer to dial a dedicated
number using his mobile phone, then listen the password be read
out.
(4) ABN AMRO bank is the only bank that requires additional
hardware ( a portable device ) to do online banking. The device
will generate a dynamic password, together with your userid and
static password to log in. After you login, you can setup the payee
without other passwords.
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