Multi-channel electronic payments network BancNet has equipped its online banking portal with a stricter accountholder verification system for more secure transactions on the Internet.
Its web portal www.bancnetonline.com now has a two-factor authentication system, called 2FA for short. The 2FA system is an added layer of security on top of the ATM PIN that requires the keying in of other information that only the cardholder knows. These are his user name, password, and one-time PIN. With 2FA as an added security, even if the cardholder’s card data and his ATM PIN (Personal Identification Number) are skimmed at a machine, his account cannot be accessed by the thief on the BancNet web portal. The 2FA ensures that the person transacting is the real owner of the account.
“With this implementation, we enable our member banks to deliver not only convenient but also highly secure online banking services to their customers. These services include balance inquiry, fund transfer, bills payment, and payment for purchases,” said BancNet General Manager Aristeo Zafra Jr.
To be able to transact online, cardholders of participating BancNet member banks need to register their personal and contact information and enroll their ATM and other debit cards on www.bancnetonline.com.The one-time registration and card enrollment are easy and are also free of charge. All it takes are a few simple steps after clicking “Register Now” on the home page.
After registration, a randomly generated one-time PIN will be sent to the cardholder for every session with his bank. It will be sent through either SMS or e-mail or generated from the BancNet mobile application. The free app is available for download at Google Playstore and soon at the Apple App Store.
Initially, the banks participating in this security enhancement are Asia United Bank, BPI DirectBanKO, Citystate Savings Bank, DBP, CTBC Bank, Enterprise Bank, Entrepreneur Bank, Equicom Savings Bank, MASS-SPECC, Pacific Ace Savings Bank, Postal Bank, Sterling Bank, Sun Savings Bank, Tiaong Rural Bank,and Veterans Bank.
The Bangko Sentral ng Pilipinas requires banks to implement multi-factor authentication for sensitive transactions on online channels such as enrolment in transactional e-services, payments, remittance and fund transfers. This is to fend off unauthorized access to a bank account when an ATM or payment card is not present which is the case with online channels. Such fraudulent attempts are expected as more ATM and payment cards are equipped with chip technology which makes card skimming at machines where these are used extremely difficult, if not impossible.