Understanding OTPs and Two-Factor Authentication

Your security, our priority

In today’s digital world, protecting your online banking activities is more important than ever. Cybercriminals are constantly looking for ways to access personal and financial information. At QIB, we are committed to providing our customers with the highest level of protection when accessing and managing their accounts. That’s why we use advanced authentication methods such as One-Time Passwords (OTPs), Multi-Factor Authentication (MFA), and our enhanced Secure Key feature.

What is a One-Time Password (OTP)?

An OTP, or One-Time Password, is a unique numeric code sent to you when performing certain banking transactions. It is valid for a single use and for a limited time only. This adds an extra layer of protection, ensuring that even if someone knows your username or password, they still can’t complete a transaction without access to your registered mobile number.

You might receive an OTP when:

• Logging in from a new device.
• Making a transfer or payment.
• Changing your personal details.

The OTP ensures that you - and only you - can authorize sensitive activities on your account.

Why Two-Factor Authentication (2FA) matters

While passwords are the first line of defence, they can be guessed, stolen, or reused across multiple platforms. Two-Factor Authentication (2FA), also known as Multi-Factor Authentication (MFA), adds another layer of verification to confirm your identity.

This means you must provide two pieces of evidence before accessing your account:

• Something you know - your password or PIN.
• Something you have - such as your registered mobile device or Secure Key.

Even if a fraudster obtains your login credentials, they won’t be able to access your account without the second factor, making your digital banking experience safer and more secure.

Introducing QIB Secure Key

To further enhance your protection, QIB has introduced the Secure Key feature, available through the QIB Mobile App. Secure Key generates a unique security code each time you log in or perform high-risk transactions, replacing the need for SMS OTPs in many cases.

This means your authentication happens directly within your mobile device, even without network coverage. The Secure Key works both online and offline, offering a faster, safer, and more convenient way to verify your identity.

Key benefits of using Secure Key:

• Enhanced security: Protection from SIM-swap and phishing attacks.
• Offline access: Generate codes anytime, anywhere.
• Seamless experience: Authenticate transactions instantly through the app. To learn how to activate and use this feature, visit our Secure Key page.

How these features work together

By combining OTPs, Two-Factor Authentication, and the Secure Key, QIB ensures your banking access is protected by multiple layers of defence. Whether you’re transferring funds, making payments, or updating your profile, you can bank confidently knowing that your identity is always verified through a trusted and secure process.

Stay vigilant

While we continue to enhance our security technology, your awareness remains the most powerful defence against fraud. Always:

• Keep your mobile number updated.
• Never share your OTP, Secure Key code, or login details with anyone.
• Avoid clicking suspicious links or downloading unknown apps.

Your safety is our top priority. Together, we can keep your banking experience secure and worry-free.