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FNB has introduced a new authentication method for clients who use its online money services and transaction approvals.
The bank announced the measures on 13 May.
The changes come as FNB moves away from traditional security methods to protect its customers.
“The bank is leading the industry to ensure that customers can access financial services in a safe and convenient manner,” CEO of FNB Retail, Raj Makanjee, said in a statement.
What are the changes to the FNB authentication process?
Clients must now authenticate themselves on the FNB app to complete transactions. The transaction is approved in the app after an account holder has entered their login details.
The new method replaces the traditional one-time-pin (OTP) sent to an account holder’s phone number or email address.
In addition, FNB has introduced the Smart inContact authentication process when customers contact the bank’s customer service suite. The process serves as the bank’s primary means of authentication.
Previously, customers used personal information such as their ID number or date of debit orders to verify themselves.
According to FNB, 70% of callers into the bank’s contact centres have adopted the Smart inContact process. The centres receive around 1.1 million calls a month.
FNB’s consultants will help newcomers with the app. They will guide them through the process and assist in understanding the new authentication measures.
The bank will also continue to offer in-person authentication services at its outlets across the country.
“Going forward, we envisage the FNB App being the primary authentication method for customers who contact our service suites and contact centres,” said CEO of Mass Affluent banking at FNB, Kamal Kalian.
“Fraudsters are constantly evolving their modus operandi and we want to stay ahead by evolving our processes to improve the safety of our customers’ money and information.”
Feature image: Andy Walker/Memeburn