Funds Transfer Passwords
What's changing
From 16 September 2024, Funds Transfer Passwords (FTP) will be replaced with SMS One Time Password (OTP) functionality. We must ensure our Members using online banking have the most secure two-factor authentication. SMS OTP provides exactly that. Every time you make a "high risk" transaction you will receive a password on your mobile phone.
To prepare for this change, there are a couple of things you need to do.
What you need to do depends on your circumstances
Frequently asked questions
SMS OTP (Short Message Service One-Time Password) is a security protocol that relies on a single-use password sent via text to a mobile phone.
This password is required to complete an Internet Banking password reset or ‘high-risk’ transaction, ensuring that access or authorisation is granted only to Members who carry the registered mobile device with Bank First.
Following a review, a decision has been made to retire the Funds Transfer Password (FTP) functionality.
FTP as an option has served its purpose, however a true two-factor authentication option is today’s preferred and most secure option. It allows for increased protection from fraudulent and/or ‘high-risk’ transactions.
International
No.
However, SMS OTP will only work with an Australian mobile phone number.
If you are permanently based overseas, you can receive an SMS OTP on your mobile phone with an Australian SIM card which allows global roaming in the country you reside in.
The two options are:
Use an Australian SIM card with global roaming to receive the SMS OTP.
Nominate an ‘authorised person’ to do your banking in Australia. The ‘authorised person’ needs to have an Australian mobile phone number registered in your Internet Banking profile.