I Know How Important It is to Use Protection, But…

I never had to use one before, and I had dreaded the very day when I would be forced to. Sure, I know I should always try to protect myself. But it just feels so much better to go without it, you know? I don’t need that extra… Barrier. I just want to get things done. I don’t want to have to reach for something else.

Besides, it’s not as though I haven’t heard several complaints about it lately, as much as the media is encouraging the use of it. They keep saying it would be so much better and safer if everybody used one. So I knew it’s inevitable that some day, I would have to use it. My only wish was that the days before then would be prolonged for as much as possible.

When an unsuspecting-looking white package arrived in the mail recently, I knew that those days had come to an end.

The package came from the bank. DBS, to be precise. It contained the dreaded device, the latest security feature implemented by our local banks that puts the inconvenience into the formerly convenient internet banking. This, ladies and gentlemen, is the DBS iB secure device.

So from now on, whenever I log on to my internet banking account, I would need not just my user name and PIN, but a second PIN as well. This small device is to be brought along with me wherever I go because without the PIN it generates, I would not be able to use internet banking. How inconvenient!

Most, if not all, of the banks here have started implementing this feature. This means that people holding accounts with more than one bank would be carrying a few such devices around! And the worst thing is that most of the banks enforce its usage; there is no way to opt out of this.

The purpose of internet banking is such that people may access their bank accounts and perform transactions from anywhere in the world, just as long as there’s internet access. When I travel, I travel light. Who wants to bring along an extra device? When I am walking along the streets of Bangkok and happen to need to access my bank account, I would simply walk into an internet café and log on to my internet banking account. Would I have the security device with me? No!

So basically, you would have to carry the device with you everywhere you go. In addition to my phone, camera, wallet, ipod, cosmetic case, portable alarm and about a gazillion other things, I would also have to bring this thing with me. Great. I already have trouble tracking all the items in my bag, now I have one more thing to worry about. What happens if I lose it or it gets damaged shuffling about with all those things? A replacement device costs $20. Argh!

I really don’t see the point of having this second-level authentication. If someone did manage to somehow hack into my DBS internet banking account, he wouldn’t be able to transfer any of my money into his bank account anyway. There is already a security mechanism in place that requires a code to designate a new payee. And this code is dynamically generated and sent directly to my mobile phone. Without my mobile phone the hacker wouldn’t be able to get any money out of me! The most he can do is send money to my predesignated payees (who’s my mom), find out how poor I am, where I ate last week or where I buy my lingerie from.

Am I correct to say this? Or have I completely missed the point of this additional level of authentication? If there’s anyone who’s actually in favour of this new security mechanism please leave a message to explain your point!

November 30, 2006: I just received a letter today from another bank, UOB. To my horror the subject heading read “two-factor authentication”. I immediately thought I was going to get another device. Thankfully UOB performs the second level authentication through mobile phones! They are offering the device only to those people that actually request for one. Now THAT’S what I’m talking about! Three cheers for UOB!

December 1, 2006: I got Tomorrow-ed! All right! Thanks cobalt paladin for submitting my post!