What is Two-Factor Authentication (2FA)?
2FA (also known as two-factor authentication) is the verification of a user’s online identity using two distinct factors.
The current practice used by financial institutions in Singapore is to have customers go through a 2-factor authentication process – (1) a Personal Identification Number (PIN), which is issued by the financial institution and (2) a One-Time Password (OTP), which is generated by a hardware token device or software token application, or sent via a Short Message Service (SMS) to the client. This is also the same practice adopted by Phillip Securities. When a Phillip Securities client who has elected to participate in 2FA wishes to access an online service by Phillip Securities, the client is required to enter the PIN and the OTP for authentication.