What is 2FA?
2FA stands for Second Factor Authentication.
Why do I need to have a iB Secure Device to access iBanking?
iB Secure is a second factor authentication, which is required when iBanking customers access their bank accounts online. This is a stronger means of customer verification as it needs:
- information that you know (your PIN)
- information from the bank (that is the randomly generated iB Secure PIN)
With 2FA, should your User ID and PIN be compromised for any reason, the ‘intruder’ will also need to have your personal iB Secure Device, before he can access your iBanking account online. This makes it difficult for hackers who manage to obtain a string of customers' User IDs and PINs via phishing or spyware.
What is this iB Secure Device?
This is a security device which generates a random PIN that acts as a second level of authentication for you. After registering your iB Secure Device with us, you will require the physical device whenever you login to your iBanking account online. You will have to login with your User ID, PIN and the randomly generated PIN that will be displayed on the iB Secure Device.
Do I have to pay for the DBS iB Secure Device?
We will issue the first iB Secure Device to our customers free-of-charge. The DBS iB Secure Device has a long lifespan and should last up to 5 years before it has to be replaced. There will be a replacement charge for lost iB Secure Devices.