Bank Simpanan Nasional (BSN) will replace SMS one-time passwords (OTP) with BSNSecure authentication for online transactions from Dec 15, in a move aimed at strengthening security and protecting customers against financial fraud.
"To ensure your online transactions remain secure and uninterrupted, you are required to download and register for the BSN eWallet to perform e-commerce transactions using BSNSecure," the bank said in an announcement on its website.
BSNSecure is its multi-factor authentication (MFA) feature.
"It helps verify your identity and protects your account by ensuring that only authorised transactions are approved," the bank said in the FAQ.
BSN described BSN eWallet as a digital wallet developed for BSN card members, offering card management services, online payment authorisation through BSNSecure, rewards and promotional offers.
The bank also clarified that BSN eWallet is a separate application from its myBSN mobile banking app, which is used for everyday banking services such as checking account balances, making DuitNow transfers and paying credit cards, financing and loan instalments.
While both applications support BSNSecure authentication, they serve different purposes.
BSNSecure through BSN eWallet is used to authorise e-commerce transactions, while BSNSecure through myBSN is used to approve Internet banking transactions, including e-SSP purchases, credit card payments and fund transfers.
BSN eWallet is available on Android, iOS and Huawei devices.
