Imagine having a one-time login pin for all your banking needs , well now, if this is implemented by your bank this could be a reality!
Banking is made simple and secure by having only one authentication pin, no longer do we have to deal with the frustration of a two-step verification system.
How does this one pin login verification work?
The solution is based on the fundamentals of Security – it is linked to your mobile phone verifying something you have and the PIN number that is something you know.
Authentication is simple, here we have a look at how it works and what it means for you as the user:
– The authentication process is carried across all channels into one standard PIN entry using the WIZZIT Authenticator and delivered to the user in the Instant Messaging Platform of their choice. It benefits the FSP by reducing fraud risks surrounding the OTP; reducing associated costs around the OTP and allows the bank to communicate with their clients in the platform of their choice.
– With the Authenticator, the validation is both the phone (something you have) as well as a card and something you know (in this case the PIN of the card).– complying with 2FA. The Authenticator allows for PIN entry to PCI pin on glass The solution complies with the latest security standards and encryption for the entry of the PIN on your phone and transmitting this to the bank.
Steps that you as the user need to follow using the authenticator with the one pin system:
1. You receive a link via the chatapp
2. Then click on the link that opens the interface for entering the pin
3. After the pin is entered you are directed back to the chatapp and receive a message for the successful authentication
4. As soon as successful authentication has been achieved, you are ready to use your chatbanking.
Other functions for the Authenticator includes Call centre login, 3DS verification, Internet banking logon and anything else that requires verification of the identity of the person.
Today customers are multi-banked. If I phone the call centre I am authenticated in one way; use a POS or ATM – authenticated in a different way; Use my banks mobile banking – yet another method and log on to internet banking -yet another. Dare I forget the log on credentials – I am locked out. This happened to me only last month and it took my 3 hours of huge frustration to make 2 very simple payments – such that I am now closing my account with that bank.
You could argue that it is not their fault – well, maybe not but I would like to see a survey of how many log on credentials a normal person can remember if as most people, they have relationships with 3 different banks and all their associated channels.
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