Two Factor Authentication (2FA) or One Time Password (OTP) System for Online Transaction´s Security
Two-factor authentication (also known as 2FA) token is a Two Factor Authentication device, which generates a random OTP (One Time Password) that acts as a second level of authentication which is a service that we provide for your online transaction’s security. 2FA security token is an effective tool used to prevent interception and modification of your online transaction. After registering for ONE Bank Limited Internet Banking, customer will need the 2FA token to complete their financial transactions/transfers to keep their accounts secured and to do successful transactions. We are referring 2FA token as “Hardware Token” or “Software Token”.
2FA is a method of confirming a user's claimed identity by utilizing a combination of two different components. Two-factor authentication is a type of multi-factor authentication. The use of multiple authentication factors to prove one's identity is based on the premise. The authentication factors of a multi-factor authentication scheme may include:
Some physical object in the possession of the user, such as a USB stick with a secret token, a bank card, a key, etc.
Some secret known to the user, such as a password, PIN, TAN, etc.
Some physical characteristic of the user (biometrics), such as a fingerprint, eye iris, voice, typing speed, pattern in key press intervals, etc.
2FA token is a Two Factor Authentication device, which generates a random OTP (One Time Password) that acts as a second level of authentication. 2FA security token is an effective tool used to prevent interception and modification of your online transaction. After registering for ONE Bank Limited Internet Banking, customer will need the 2FA token to complete their financial transactions/transfers to keep their accounts secured and to do successful transactions. We are referring 2FA token as “Hardware Token” or “Software Token”.
Transactions for which 2FA is required are as follows:
Domestic Funds transfer BEFTN-RTGS.
Bill Payment (Customized Registered Biller).
Internal Account Transfer.
Multiple Internal Transfers.
In these cases, system will ask for entering OTP (One Time Password) during transactions to be executed.
