In the latter part of 2016, we developed a new security feature for www.bancnetonline.com to make online banking even more secure. Called two-factor authentication or 2FA for short, the system requires the keying in of other information that only the cardholder knows for verification of his identity. These are his username, password, and one-time PIN. 2FA is an added layer of security on top of the ATM PIN so that even if the cardholder’s card data and his PIN are skimmed at an ATM, his account cannot be accessed by the fraudster on the BancNet website.
The first members to participate in implementing the 2FA system were ENTREPRENEUR BANK, Asia United Bank, BPI Direct BankO, CTBC Bank, CityState Savings Bank, DBP, Enterprise Bank, , Equicom Savings Bank, Luzon Development Bank, MASS-SPECC, Maybank, Pacific Ace Savings Bank, PBCom, Philippine Business Bank, Philtrust Bank, PostBank, Sterling Bank of Asia, Sun Savings Bank, Tiaong Rural Bank, UCPB, UCPB Savings, Veterans Bank, Wealth Bank and World Partners Bank.
A transition version of BancNet Online with 2FA enabled the registration of these member’s cardholders beginning January 24, 2017. Full implemention is in June 2017.