OTP further improves the security of DBS iBanking by providing additional password authentication. On top of your iBanking username and password, you will need to key in this additional password (OTP) when conducting logon and designated online transactions on DBS iBanking.
The introduction of the OTP means a dual password authentication is required when customers access DBS iBanking. This is a stronger means of customer authentication as it relies on:
(a) information you know (that is your username and password) and
(b) information the bank provides to you (that is the SMS-based OTP)
Online fraud and mischief is becoming increasingly sophisticated and as it evolves, online security itself has to advance to combat these cyber crimes. With the implementation of dual password authentication during the logon process, should your username and password be compromised for any reason, the "thief" will also need to have your registered mobile phone for the OTP, without which he will be unable to access your iBanking. This makes it more difficult for hackers who manage to obtain a string of customers' usernames and passwords via phishing or spyware.