Online banking portal www.bancnetonline.com is now equipped with a stricter accountholder verification system for more secure transactions on the Internet.
Called two-factor authentication, or 2FA for short, the system is an added layer of security on top of the ATM PIN (Personal Identification Number). It requires the keying in of other information that only the cardholder knows. These are his user name, password, and one-time PIN. With 2FA as an added security, even if the cardholder’s card data and his ATM PIN are skimmed at a machine, his account cannot be accessed by the thief on the BancNet web portal. The 2FA ensures that the person transacting is the real owner of the account.
To be able to transact online, cardholders of participating BancNet member banks need to register their personal and contact information and enroll their ATM and other debit cards on www.bancnetonline.com. The one-time registration and card enrolment are easy and are also free of charge. All it takes are a few simple steps after clicking “Register Now” on the home page.
After registration, a randomly generated one-time PIN will be sent to the cardholder for every session with his bank. It will be sent through either SMS or e-mail or generated from the BancNet mobile application. The free app is available for download at Google Playstore and soon at the Apple App Store.
Initially, the banks participating in this security enhancement on BancNet Online are Asia United Bank (AUB), BPI Direct BanKO, Citystate Savings Bank, DBP, CTBC Bank, Enterprise Bank, Entrepreneur Bank, Equicom Savings Bank, MASS-SPECC, Pacific Ace Savings Bank, Postal Bank, Sterling Bank, Sun Savings Bank, Tiaong Rural Bank, and Veterans Bank.
The Bangko Sentral ng Pilipinas requires banks to implement multi-factor authentication for sensitive transactions on online channels such as enrolment in transactional e-services, payments, remittance and fund transfers. This is to fend off unauthorized access to a bank account when an ATM or payment card is not present which is the case with online and mobile channels. Such fraudulent attempts online are expected as more ATM and payment cards are equipped with chip technology which makes card skimming at machines extremely difficult, if not impossible.
The other security features of BancNet Online aside from triple data encryption are: the Secure Socket Layer (SSL) certificate and a dynamic PIN pad on the transactional pages and an anti-phishing and anti-pharming solution for the website. The SSL certificate from Verisign appears beside the padlock icon on the address bar. It indicates that the site is legitimate and secure. The numbers on the dynamic PIN pad are randomized after every session to protect the cardholder from shoulder surfers—people who attempt to capture sensitive user information such as the PIN by looking over someone’s shoulder or observing from a distance.
Please contact your bank for inquiries.
