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What is 2FA
2FA refers to Two-factor Authentication, an enhanced process to secure your access and use of Velocity@ocbc.
Two-factor Authentication is a security process in which the user provides two means of identification. One is typically a physical token which generates a security code, for example, the Digipass. The other is typically something memorised ie. USER NAME, PASSWORD and ORGANISATION ID. In this context, the two factors involved are sometimes spoken of as “something you have” and “something you know”.
Used in combination, these two factors will provide greater peace of mind in performing banking transactions over the internet.
Why is OCBC Bank introducing 2FA?
OCBC Bank is committed to high levels of online banking security. We introduced 2FA in Velocity@ocbc since its inception in 2001
The introduction of the 2nd factor authentication during login process provides an additional layer of security to ensure that our customers’ banking information and transactions online are safe and secure.
What are the benefits of 2FA ?
In light of increased Internet security threats like Phishing and the use of Spyware, employing 2FA will significantly mitigate the risk of someone, impersonating as yourself, gaining illegal access to your Internet banking account. By combining the use of "something you know" (your login credentials and password) and "something you have" (your personal Digipass) to access Velocity@ocbc, this works in combination to provide you with greater assurance and confidence when performing financial transactions over the Internet.
Why did OCBC Bank choose a hardware token?
The Digipass security device has been successfully adopted by Velocity@ocbc customers since its inception in 2001. Hence, we would like to continue with a practice which our customers from the business community are already familiar and comfortable with.
Where can I get more information on 2FA?
Please visit www.ocbc.com for more information on 2FA.
For other Velocity@ocbc issues please contact us at (021) 6146 3222 .
Is the new Digipass less secured because there is no PIN protecting access to the Digipass?
The new Digipass provides both security and convenience.
Access to Velocity@ocbc is further protected by the USER NAME, PASSWORD and ORGANISATION ID which is something known only to the User. This fulfils the 2FA security process where ‘something you have’ (hardware token) and ‘something you know’ (User Name, Password & Organisation ID) are both required in order to login to Velocity@ocbc.
For security reasons, Users are advised to keep their passwords confidential and to keep their Digipass with them at all times.
Who do I call if I have questions regarding 2FA?
Please contact us at (021) 6146 3222.
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