When it comes to online banking, people often worry about that his money would be transferred out without his notice. So some people disabled the "fund transfer" service. His internet banking only serves for balance enquiry purpose. Thanks to innovative thinking, now all banks force another way of verifying when customers wish to do online fund transfer. First, you must set up the potential payee. Then bank offers you a one time password to activate the setup. Only after that can you transfer money to that payee.
Different banks in Singapore provide quite different methods of obtaining the additional online password.
(1) DBS, UOB, and Citibank send the password to customer's mobile phone via SMS.
(2) OCBC and Maybank need customer to use phone banking to get the password.
(3) Standard Chartered Bank wishes customer to dial a dedicated number using his mobile phone, then listen the password be read out.
(4) ABN AMRO bank is the only bank that requires additional hardware ( a portable device ) to do online banking. The device will generate a dynamic password, together with your userid and static password to log in. After you login, you can setup the payee without other passwords.
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Straits Times reported it a few days ago.
Slow.
Anyway, all these methods are already used in US years ago and is compulsory.
Singapore took some years to catch up and not compulsory some more.