7th APRIL 2015 - Vol.XXXVIII No.018
Business News

Citibank Bahrain steps up online security...

MANAMA: Citibank Bahrain has announced the implementation of a new security feature for all online banking transactions.

The bank said 'dynamic multi-factor authentication' on online and mobile banking platforms comes in the form of one-time pins (OTP).

Being offered through the bank's Internet banking (Citibank online-CBOL) and mobile banking (Citi Mobile) facility - the new one-time pin service sends a unique number to customers in the form of a mobile text message every time they log on to CBOL and Citi Mobile.

Clients can perform multiple transactions within each Internet session.

"Global and local regulatory agencies continue to be increasingly mindful of the evolving threats to online banking," Citi Bahrain chief executive Mazin Manna said.

"We are pleased to implement this critical initiative in a timely manner, towards adjusting our customer authentication methods, layered security arrangements and other controls to counter any potential risks," he said.

"Online environments have become more hostile as fraudsters have continued to develop and deploy more sophisticated, effective, and malicious methods to compromise authentication mechanisms and gain unauthorised access to customers' online accounts," Citibank consumer bank head Navneet Kampani said.

"This security feature keeps us several steps ahead of such developments and ensures unparalleled security and safety of banking with Citi Bahrain," he said.

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