IN light of the alleged breach of account holders’ information at a local bank, we call on all banks to ensure customer accounts are protected by two-factor authentication. This could be a token-generated personal identification number (PIN) or a one-time PIN sent via Short Messaging Service (SMS) to phones.
Some banks already use a security device, or token, to allow access to their Internet banking service. In addition, banks should let account holders choose to receive SMS alerts whenever large transactions are conducted or if the balance drops to a certain amount.