Skye Bank, one of the top financial institutions in Nigeria, has introduced a new banking platform. This new banking platform has an added layer of security with the use of OTP on every beneficiary maintenance and InterBank transfer.
One time passwords will be sent to the customer’s registered email address and phone number to ensure and confirm transactions carried out on the account(s).
OTPs are passwords that can only work for one login session or transaction. This may prove to be more effective in comparison with static passwords which are vulnerable to replay attacks.
OTPs are useful because they are quite difficult for humans to memorize and if a potential hacker manages to get hold of the password and it has been used for a prior transaction, it is no longer valid.
With this new internet banking platform, Skye Bank wishes to ensure customers have an enriched, safe and stress free internet banking experience.
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This article was first published on 9th June 2014
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Skye Bank, one of the top financial institutions in Nigeria, has introduced a new banking platform. This new banking platform has an added layer of security with the use of OTP on every beneficiary maintenance and InterBank transfer.
One time passwords will be sent to the customer’s registered email address and phone number to ensure and confirm transactions carried out on the account(s).
OTPs are passwords that can only work for one login session or transaction. This may prove to be more effective in comparison with static passwords which are vulnerable to replay attacks.
OTPs are useful because they are quite difficult for humans to memorize and if a potential hacker manages to get hold of the password and it has been used for a prior transaction, it is no longer valid.
With this new internet banking platform, Skye Bank wishes to ensure customers have an enriched, safe and stress free internet banking experience.
