Internet banking on time password?

Question

When we transfer funds and they are sending one time password to finish the transaction.otp is sent on mobile and by e mail.is it necessary to send otp?we have userid, log on password and transaction password.then why do we need otp?sometimes otp comes late then one has to repeat entire things.

Answer 1

Hi Adlija,

At the outset, let me clarify that this site is designed by a group of senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

Online transactions carry high risk. It is common that customers fall prey to conning through phishing emails or vishing and compromise customer ID, password etc. If these are the only parameters required to access accounts, fraudsters can easily deplete funds  without you being aware about it. OTP is called the second factor authentication. It is the highest safety net offered by banks to customers for online transactions. It's on the presumption that your mobile will always be with you and unlikely to be in the hands of the fraudster. Certain amount of inconvenience is inevitable in the process of safe online banking. Safety of your money should be the priority. Be happy about using OTP.

Regards

 

J R Mohandas