Online Security

Literally in our hands. -__-"

Recently, banks in Singapore has been sending out mailers, informing their Internet-banking users about the new Two Factor Authentication (2FA) system whereby online users will ahve to enter an additional PIN, which is generated by a physical pager-size device. So wherever you are in the world, you will need to carry this extra device in order to perform internet-banking transactions. The bottomline is - an enhanced security feature. Or literally, security is in your hands!

So if you are caught in a situation whereby you need to return a friend some money via online TT, you will not be able to do it at any internet-enabled location unless you have that device with you (to generate the extra PIN upon logging in). And if you lost that device, you cannot perform any more internet-banking.

And if you have 3 bank accounts of which you are also their online customer, be prepared to receive 3 security tokens.

So is internet-banking a convenience for bank customers? Oh! The wonders of modern technology. Or shall I say "魔高一尺, 道高一丈,"?