Qatar Islamic Bank (QIB), Qatar’s leading Islamic bank, has introduced new security measures which make customers’ use of internet and mobile banking even more secure against fraudulent transactions. In line with a directive from the Qatar Central Bank, QIB is introducing “One-Time-Password” (OTP) authentication to further secure online banking.
OTP is a password that is valid for only one log-in or transaction. As it is only effective for a short period of time, typically one minute, and automatically becomes null-and-void once the user has logged in or has completed a transaction, it is a highly effective method of combating spy-ware or key-logging programs which attempt fraudulently to capture a customer’s log-in information.
QIB has introduced two ways in which a customer can receive his OTP code every time he logs in to his bank account: using a smartphone application called “QIB Aman” or via SMS.
Using the QIB Aman application is the most convenient way of logging in as it is always accessible, even if there is no telecom network available or the customer is out of the country. After registering for the service, a One-Time Password is requested every time the customer logs in to his banking account. In order to activate the OTP application for the first time, the customer needs to log-in to internet banking, when he will be asked to confirm his registered mobile phone number. The QIB Aman application can be downloaded from the store relevant to the mobile operating system (available on the Apple, Android, Blackberry and Windows store platforms). Once the application has been launched, an activation code is sent via SMS which has to be entered into the required field on the internet banking web site. Every time a customer logs on to Retail Internet Banking, an OTP code will be generated by the QIB Aman application in order to complete the log-in process and allow financial transactions to take place.
For those without a smartphone, or for customers who prefer to receive their OTP via SMS, initial activation of the system is very similar to the activation process for the QIB Aman application, and once the mobile number is confirmed, an OTP is sent via SMS every time the customer logs in to internet banking or wants to complete a financial transaction. The OTP will be required every time a customer logs in to his internet banking account or to QIB Mobile Banking and of course every time the customer needs to execute a financial transaction.
D. Anand, QIB’s Personal Banking Group General Manager, stressed that this new OTP system was yet another example of how QIB was taking all possible security measures to protect its customers’ information. “The use of OTP not only gives extra security to online transactions, but also offers peace of mind to our customers, who can be assured that even if a spy-ware program manages to gain access to their login details, their personal banking information remains secured because of the multiple security barriers.
“Naturally, the QIB Aman application – which is available both in English and Arabic – is more convenient than using SMS to generate the One Time Password, but both are secure methods of ensuring that only genuine customers can log in to use their accounts online,” Mr. Anand concluded.