I am curious why our bank don't let us use the Authenticator app instead of OTP
since if using the authenticator app the code will change every 30 sec or 1 min
but don't have the inconvenience of need to wait for SMS to come in~

Although this does not solve the problem of losing one's smartphone but I cant imagine myself losing mine cause it is always going to be in my hand no matter what happen.. unless of cuz some accidents and what not.

I am made aware that there is a friend who tried to login his own online banking account at abt 9 something pm (Nearly 10pm) Monday but did not receive the OTP via sms. Tried again several times but still no sms received. And what’s worse is the bank call centre closed at 10pm.

In the end the person could not perform the banking transaction due to cannot login without the one time pin. I find this is so risky. Sometimes you think it’s secure but end up you yourself unable to login. So, is this due to system failure in bank? Or is it telco problem?
Not likely as can receive sms from other people.

This is ridiculous. Have you guys experience this “craziness”? I told the person to lodge a complaint.

What you say about paywave is true. That’s why I don’t use it. Too much security, on the other hand, poses other issues. Anyway I don’t believe in relying on the phone for everything. One thing, when you lose your handphone, that’s it. You can’t do anything until you get a replacement SIM card. They could use a secondary question for login or a token. There are some banks whereby you can choose the type of secondary security to use after the initial login.

Not all faults lies with bank. Telco is also a partner. Receiver location is also important.

Have to blame the banks cos big sum money inside !

Customers are right one ... DONT ARGUE !

I have already stated. Everything has pros and cons, only a matter of more pros or more cons. In my opinion my statement that some banks let you choose is indeed the best solution... at least that’s my opinion.

You’re probably not aware of risk management and customer service. For banking industry, issues like this are high priority. If there’s an issue with the security of banks, they will take it seriously even if it’s just one case because they want to know how extensive is the issue.

It’s good to share whenever we hv these issues to create public awareness and to help one another. The purpose is never to rant and complaint only but it serves to improve the overall service of the banks. For example, it’s good that someone compare between banks and we can see that from our experience with certain banks, we know that their service level is better and don’t rely too much on OTPs or TACs for every thing. Practices of different banks vary and by sharing these knowledge, we’ll be able to choose our preferences. At the same time, be able to recommend positive changes to our banks.

Thanks to all for sharing. Enough of this thread. Bye.