Text Messaging in Online Banking

Scott Sharp

Overview

• Authentication

• Simple Services

– Password Reset

– Balance

– Support

• Notifications

• Bi-directional Communications

Step 1 - Authentication

• Register Mobile Phone

• Basic Authentication

• Out-of-Band Validation

• Done

No More Expensive

Tokens!

Authentication Benefits

• Complex Algorithm to protect random passcode generation

• Protects Against Man-In-Middle

• Simplifies user login by removing security questions

• Increased login security available to wider number of users

Future Services

• Password Resets (in development)

– Out-of-Band Authentication

• Simple Services

– Password Reset

– Balance

– Support

• System Notifications

Options

• Contracts: Additional Services

– Basic Authentication (free)

– CSC or Other Services Optional

– Future Additions included w\maintenance

• Dedicated Line (Send/Receive) in Bank Area Code

• CSC – Common Short Code

– Dedicated 5 or 6 digit #