Citibank implements new security measures
Manama, April 24, 2013
Citibank, N.A., Bahrain has started implementing its new ‘Dynamic Multi Factor Authentication’ on online and mobile banking platforms in bid to enhance security measures for customers’ online banking transactions.
This new security feature comes in the form of One-Time Pins (OTP) through the bank's Internet Banking (Citibank On Line -CBOL) & Mobile Banking (Citi Mobile) facility, said a statement from Citibank.
The new One-Time Pin service sends a unique number to customers in the form of a text message to their mobile phones every time they log on to CBOL & Citi Mobile. Clients can perform multiple transactions within each internet session, it added.
Mazin Manna, the CEO of Citi Bahrain said, ”Global and local regulatory agencies continue to be increasingly mindful of the evolving threats to online banking. We are pleased to implement this critical initiative in a timely manner, towards adjusting our customer authentication methods, layered security arrangements and other controls to counter any potential risks."
Navneet Kampani, Citibank consumer bank head pointed out that online environments have become more hostile as fraudsters have continued to develop and deploy more sophisticated, effective, and malicious methods to compromise authentication mechanisms and gain unauthorized access to customers’ online accounts.
"This security feature keeps us several steps ahead of such developments and ensures unparalleled security and safety of banking with Citi Bahrain," he added.-TradeArabia News Service