Security is the main concern for every party involved in Online Banking. Because the internet is a difficult place to be safe at, various security measures are constantly being applied to ensure the safety of internet transactions and other important accounts such as email and social media profile. One particular system known as Two-Factor Authentication is a popular and one of the most used security techniques on the web. And Brac Bank is making it mandatory for customers to have Two-Factor Authentication enabled to enjoy online banking facilities.
So what is a two-factor authentication?
Basically the authentication system prevents anyone from accessing the online accounts — be it bank account, email account or other social profiles — by just using the username/email and password. Two-factor authentication system requires a third-device that generates unique code that can be used to log in. For example, if you enable two-factor authentication system in your Gmail, you will be sent a unique code to your phone via SMS every time you try to log in to Gmail. Without entering those code, you won’t be able to log in.
You can optionally use an app on your smartphone to generate access codes to log in.
As you can see, two-factor authentication system enables a second layer of protection to your online accounts. The first authentication is already set up — your regular password. The second authentication is what you use from the randomly generated code.
Brac Bank says that it has already started receiving applications for enabling two-factor authentication system for its customers who use Online Banking facility. A reliable source tells us that customers have until 30th November 2014 to apply online for the new security system. However, no such information was found on the website of Brac Bank.
According to sources, Brac Bank will provide customers with a hardware device which will generate the random code required to log in during each session. Alternatively, customers can use a smartphone app to generate random code to be used for accessing their bank account on the web. The bank will charge BDT 1000 for the hardware device and BDT 150 for the software (app). These prices are, however, VAT exclusive.
It’s worth mentioning that in case of theft or loss of the hardware device, customers will be required to pay BDT 1500 for a replacement device.
Are you using two-factor authentication system on any of your online accounts?