From July 1, banks in Vietnam began to implement the authentication method through the application of OTP on smartphones for transactions valued at over VND 100 million. Previously, banks often provided OTP via SMS, but according to new regulations from the State Bank, high-value transactions would need to use the bank's OTP app.
In fact, Smart OTP applications on phones have been deployed for a long time, typically Vietcombank since 2015. Previously, banks such as Techcombank and ACB provided OTP in the form of separate tokens. Each type of authentication method has its own advantages and disadvantages. That's why SMS still offers the most convenience for customers when it only depends on SIM phones. And that is the risk that when you lose your SIM, the bad guys will take advantage of this vulnerability to find ways to control your bank account.
Smart OTP is provided through specific applications or integrated into banks' mobile baking applications. Activation or conversion of this authentication method will vary depending on the bank provided.
- Banks providing OTP within the application: VIB, Techcombank …
- Banks provide OTP with their own applications: Vietcombank, VPBank, TPBank, Sacombank, OCB …
Currently, some banks still offer multiple authentication methods including SMS and Smart OTP. The remaining units require users to switch over to Smart OTP in any transaction.
I think Smart OTP has the biggest nuisance that is only used on one phone. Meanwhile, security is always guaranteed by banks, but such characteristics will not really be convenient for you or often change phones. What do you think about this change, please share the comment below.