What is One Time Password (OTP)?
One Time Password (OTP) is a security feature in DBS iBanking or DBS digibank HK. The OTP of DBS iBanking / DBS digibank HK is a password sent by us to your mobile phone number (registered with DBS Bank for this purpose) via Short Message Service (SMS).
An OTP is required when you perform designated transactions via DBS iBanking or DBS digibank HK services. The SMS will not be forwarded to any other mobile phone number even if you have subscribed for SMS forwarding service provided by telecommunication service provider in Hong Kong.
Why do I need to have the One Time Password (OTP) to access online banking services? What are the benefits?
OTP further improves the security of DBS iBanking / DBS digibank HK by providing additional password authentication. On top of your username and password, you will need to key in this additional password (OTP) when performing designated online transactions through online banking.
The introduction of the OTP means a dual password authentication is required. This is a stronger means of customer authentication as it relies on:
- information you know (that is your username and password) and
- information the bank provides to you (that is the SMS-based OTP)
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 dual password authentication, should your username and password be compromised for any reason, the "thief" will also need to have your registered mobile phone for the OTP, without which he will be unable to access the online banking services. This makes it more difficult for hackers who manage to obtain a string of customers' usernames and passwords via phishing or spyware.
