Two Factor Authentication(TFA) through One Time Password(OTP) in Internet Banking What is Two Factor Authentication (TFA) All

along the Internet Banking transactions were carried out using the UserID and login & Authorisation password. Anybody who knows these credentials can put through successful online transactions. In order to safeguard the interest of our customers from falling prey to online frauds, we have introduced two factor authentication through One Time Password. Two Factor Authentication adds second layer to the existing authentication method mentioned above. The second layer rides on something which the customer is in possession of (such as Mobile phone, etoken etc ). Corporation Bank has introduced Second Factor authentication using One Time Password sent through customers Mobile phone. What is One Time Password (OTP) OTP is 6 digit random numbers sent at the time of doing online transaction to the customers registered mobile phone. The OTP so sent to customers mobile phone is applicable to only that particular transaction, which he is doing at that moment. The OTP authentication is apart from the regular authorization password which is to be provided whenever online transactions are done.

Please Note: Authorisation password is given along with Login password and these are of permanent
in nature until modified by the customer. The same authorization password applicable to all online transactions whereas One Time Password as name suggests is temporary in nature and applicable to only one transaction for which it is generated. How OTP works in our Bank? When the customer does any online transaction such as funds transfer, after he gives authorization password, he will receive one SMS to his registered mobile phone. The SMS would contain 6 digit random numbers and 3 digits reference Nos. The 3 digit reference No. will be shown on the screen and the customer will be asked to enter OTP (6 digit random number) sent against the reference No. Customers are requested to read/follow the instruction given on the screen carefully. In case the customer doesnt receive the OTP in time, he can click the Generate New SMS option to get one more OTP. Prerequisite Correct Mobile Phone no has been registered with the Bank. His mobile phone is not switched off His mobile Phone is working and within the reach of the mobile signals Inbox should not be full and able to receive SMS If the mobile No is foreign number, then the country code should have been prefixed