Why is two-factor authentication the most secure mobile money transfer system in Myanmar?
It can be assumed that most people in Myanmar own more mobile phones than owning a bank account. As a result, many people are increasingly relying on mobile phones to access banking services, including remittances. Mobile money transfer service is for your family and friends. This is a service that allows you to transfer money between friends and loved ones via mobile phone.
As more and more people use mobile money transfer services on a day-to-day basis, secure remittances are playing an important role, and many users are increasingly exposed to fraudulent transactions. There is no protection against fraud. Security issues related to mobile money can vary, but the most common problem facing the people of Burma is the authentication procedure.
As these problems become more common, secure remittances are becoming more and more important. With two-factor authentication, money transfers are the most secure mobile money transfer system, as the use of mobile money transfer services that only support one factor authentication function is no longer fully secure.
So what is this two-factor authentication feature? Two-factor authentication can vary depending on the function. In the case of mobile money transfer service, two-factor authentication is enabled
1) Once the sender has provided the agent with his / her phone number (or registration number), the sender will receive a text message (SMS) with a secret code.
2) The sender must send the secret code to the recipient
3) The recipient must also provide his / her telephone number and password to the agent.
4) If the agent enters the information he or she provides and all the information is correct, the recipient will receive a text message with a one-time password.
5) The receiver will tell the agent the one-time password and if the password is correct, the money will be received.
So what are the benefits of using two-factor authentication? The first improvement is the increased security level. The sender does not set a password, but the system does. The next step is to send a one-time password (OTP) from the central system, so that even if the scammers knew the first password, they would still be able to confirm that the recipient was genuine. Advanced security features allow you to transfer money easily and with two-factor authentication, so you don’t have to worry about losing money or being robbed.
MytelPay, the latest innovation from Mytel, is the only mobile money transfer service in Myanmar with two-factor authentication functionality. The bank-level two-factor authentication system makes it difficult to steal passwords and one-time passwords issued by the central system, ensuring no loss of remittances.