Woman using second factor authentication on phone to login on computer

Benefits of Second Factor Authentication

Every day we’re doing more and more things online, so staying secure with our online activities has never been more important. This is particularly the case with personal information and finances.

To make online sessions even more secure, many applications ask users for an extra layer of security - called 2-factor authentication. One form of 2-factor authentication is a one-time password.

A one-time password is a randomly generated, six-digit number sent to a phone as an SMS or via a security token. You then enter this code to authorise the particular activity. The password is valid for one session or transaction and is only available for a short period.

When online banking, you might require a one-time password to set up a new payee or transfer money to an unknown account.

Think of it as an extra layer of security or defence to ensure you’re controlling what’s happening with your account.

One-time passwords give you more control of your account and have a number of other great benefits, including:

  • Increased security 24/7
  • Securely reset your Internet Banking password
  • Update your details securely online
  • Secure instant payments to new payees via Osko
  • Make international payments in Internet Banking

At Regional Australia Bank, your security is our priority. That’s why we encourage all our customers to register for One-Time Passwords to ensure you’re protected by our extra layer of security for your banking. To find out more about activating one-time passwords on your account, speak to one of our friendly staff.