TransBank has implemented Multi-Factor Authentication (MFA) for its internet banking service.
This authentication adds an extra layer of security by requiring users to complete an additional verification step when logging in, rather than relying solely on a password.
Why is MFA (Multi-Factor Authentication) important?
- It helps protect customers’ personal information even if passwords are compromised;
- It prevents cyber fraud and various types of SMiShing attacks;
-
It ensures a high level of security for both individual and organizational data.
Additionally, for transactions exceeding MNT 5 million for individuals and MNT 20 million for organizations, the OTP verification step can be replaced with MFA (Multi-Factor Authentication).
We provide our customers with instructions on how to perform multi-factor authentication on TransBank’s Internet Banking platform.
