FAQs: What you need to know about one-time passcodes

Protecting your security is our top priority, and with increasing fraud and scammers, it may be easier than you think for someone to steal your passwords. That’s why Family Trust recently introduced one-time passcodes for an added layer of security for online banking. We understand that many members are frustrated by this change, but we’re here to help make the transition easier.

Before Family Trust required one-time passcodes, members were required to answer security questions, which many members found challenging to recall. One-time passcodes were a simpler, more secure solution.

Two-factor or dual authentication (that’s the fancy name for it) is not uncommon. Many financial institutions and even social media sites like Facebook and Twitter require or recommend users receive a code when logging in from an unrecognized device.

Here are a few FAQs:

What is a One-Time Passcode?

A One-Time Passcode, or OTP, is a system-generated code sent when you make certain requests in online banking. The purpose is to verify that the request was originated by the accountholder, and that their information has not been compromised. It is sent by phone call, email, or text message (available for transfers and profile changes). Once sent, it is valid for 10 minutes.

I already use my password to log in. Isn’t that enough?

When are One-Time Passcodes used?

OTPs are sent for the following online banking transactions:

* Logins from unknown devices
* Profile changes (i.e. phone number, email or physical address)
* External transfers (new account setup or a transfer exceeding $1,000)
* Member-to-member transfers

How can I make getting my One-Time Passcode easier?

Members who have outdated email and phone information may have challenges receiving One-Time Passcodes. To review or change your profile information, login to online banking and click the “Profile” button in the top right corner. You may also call us to update your phone number so that you can receive one-time passcodes.

Why am I still receiving an OTP during login when I select “Remember Computer”?

There are several reasons OTP may be required despite you previously selecting “Remember Computer”

  1. Using a different browser where “Remember Computer” wasn’t enabled. Consider using the same browser when logging in.
  2. Updating software (for example, Java).
  3. Having multiple users logging in on the same device.
  4. Enabling features such as “private browsing” for Internet Explorer, “incognito” for Google Chrome, or “new private browsing” for Firefox.
  5. Not having the correct settings for “cookies” on your browser. Check you cookie settings.