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Digital banking app protects money in account better

Currently, there are many methods to authenticate the bank payment transaction but SMS is still the most popular, with 74% of users preferring this method. In fact, many hackers take advantage of the loophole of this method to take money from users.

Hackers can send users fake links via SMS, via email or some other way. When they click on these links, they will have their account information, password, OTP code in the confirmation of transactions by hackers to appropriate money.

Even recently, hackers have used a more cheeky trick than tricking into activating the call redirection service and thereby taking control of the user’s phone number, hijacking the use of bank accounts, and easily receiving SMS. OTP to transfer all funds to another account.

According to experts, this risk basically comes from the fact that transactions still involve third parties, most commonly having to authenticate via SMS OTP from messages from carriers.

Digital banking applications better protect money in the account - Photo 1.

Digital banking application will better protect the money in the account. Illustration.

To solve the above problem and limit risks for users, major banks have deployed platforms Digital Bankalong with a smart authentication system using eToken.

Accordingly, customers can authenticate transactions right on the banking application without depending on the messages.

With higher security capabilities, smart OTP is also used by banks as an authentication tool for large value transactions up to billion VND, while text message authentication is only at a maximum of 50 million VND.

Not only is it more secure, with all operations being closed in one application, the customer experience is also significantly improved.

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