2FA Through Mobile

Two-step verification (also known as Two-factor authentication, abbreviated to TFA) is a process involving two stages to verify the identity of an entity trying to access services in a computer or in a network. This is a special case of a multi-factor authentication which might involve only one of the three authentication factors (a knowledge factor, a possession factor, and an inherence factor) for both steps. If each step involves a different authentication factor then the two-step verification is additionally two-factor authentication.

Two Factor Authentication through Mobile

Apart from your user name and passwords, you can have either your email or your local mobile number (NTC or NCELL GSM mobile numbers only) as your second authentication factor.

If you register your GSM Mobile number for the 2FA, you will use SMS sent from 2002 (Laxmi Bank's short code) to your mobile number as the One Time Password (OTP).

For various kinds of transactions, the users need to first login, select transaction details, and enter Transaction details after which the system will request for One Time Password. The system will then send the One Time Password to Customers mobile and/or email address and will remain valid for 5 minutes. The customer then needs to enter the OTP sent to them, in the secured iBank browser window, to authorize a transaction.

This mechanism of using 2 different mediums to send credentials is called 2 Factor Authentication (2FA) as the customer uses ‘something they know’ i.e. password and ‘something they have’ i.e. phone or email address to authenticate the user. This means, someone cannot mis-use your online account just because they knwo your user name and password. They would also need to possess your mobile device!

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