When it comes to online banking, protecting our members from fraud is our number one priority.
As part of our commitment to continually improving online security, we will be introducing a change to the way One Time Passwords work within myMOVE Banking. This change will take effect from mid to late April.
If you are registered for One Time Passwords, you will no longer receive an SMS code each time you log in. Instead, you’ll only need to enter a password the first time you perform any of the following actions during a session:
- Make a BPAY payment or external transfer (Standard transfer or NPP payment)
- Set up a future payment
- Add a new payee/biller
- Update your contact details
Once you’ve entered your One Time Password you’ll be able to make other transactions and changes to your preferences during that session without needing to enter your password again.
Benefits of One Time Passwords
Increased Security
Having One Time Passwords activated on your account means that fraudsters won’t be able to transfer funds out of your account or change your contact details without also having access to your mobile phone. This extra layer of security reduces the risk of unauthorised transactions on your account and makes it significantly more difficult to steal your money.
Higher transfer limits
Members who are registered for One Time Passwords are eligible for higher daily transfer limits.
|
Payment Type |
Without OTP |
With OTP |
|
BPAY |
$5,000 per day |
$10,000 per day |
|
Standard Transfer (not NPP) |
$5,000 per day |
$2,000 per day |
Not registered for One Time Passwords?
You can register for One Time Passwords easily in myMOVE Banking by selecting “Manage One Time Passwords” from the My Preferences menu.
