What is Transaction Signing?
Transaction Signing is a new procedure introduced as part of an industry-wide initiative to bring you a more secure online banking environment. It is used for certain "high-risk" transactions like adding recipients, updating personal particulars, or performing high-value transactions.
Transaction Signing requires you to digitally "sign" transactions, and serves as an authorisation by you to ensure the authenticity of the specific online transaction.
As part of Transaction Signing, you will now be required to enter transaction specific details like the account or reference number and transaction amount, after which an OTP is generated. This OTP is based only for the specific number and transaction that has been entered. This process further minimizes any potential risk.
Will there be any changes to the current iBanking services?
Your new generation iB Secure Device can be used to offer a more secure authentication procedure for certain online transactions known as Transaction Signing.
What are the new features that are available?
Besides offering additional protection for your high value transactions via Transaction Signing, we are introducing a series of other changes driven by customer feedback – all to make online banking easier and more convenient, yet more secure for you.
You will now be able to login and access basic account information like account balances on the Home Page with only the entry of your User ID and PIN. As you progress in your transaction, additional authentication may be required - all depending on the type of transaction.
For simpler 'low-risk' enquiries and transactions, all you need is an OTP delivered via your mobile. For other transactions that are deemed of 'higher-risk', the use of your new iB Secure Device will be required. This in turn provides you with the ability to transact at higher values than previously permissible.
Why I was not prompted to enter OTP after entering my iB User ID and PIN?
Changes have been made to make it easier and more convenient to transact on iBanking. To provide you quick and easy access to your basic account information, you now just need to login using your User ID and PIN.
I do not want a quick access to my account balances. It is not secure.
The security of your account and your peace of mind is of utmost importance to us. We have therefore taken measures to ensure that your account is protected.
Sensitive personal account information like your name and account number is either withheld or appears partially masked. No transactions can be carried out without the entry of 2FA.
We are now able to access POSB iBanking with SMS?
Yes, you are now able to conveniently perform selected services such as Transaction History and low value fund transfers and bill payment conveniently using the iBanking OTP that is sent to your registered mobile phone.
To allow us to direct the SMS to the correct phone number, please ensure that you register your mobile phone number with us at the earliest. Registration may be done at either any of our Branches, or by completing the form found here.
