Funds Transfer Passwords

Frequently asked questions

• What is SMS One Time Password (OTP)?

  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.

• Why are you removing Funds Transfer Password (FTP) functionality?

  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.

• How does SMS OTP work?

  The SMS OTP process is triggered when you attempt to access a secure service or complete a ‘high-risk’ transaction requiring authentication beyond a username and password.

  You initiate a session by logging into online banking and attempts to complete a ‘high-risk’ transaction.

  Once the initial login is successful, the authentication server generates a one-time password which is sent by text to the Australian mobile phone number listed in your online banking profile.

  Once an OTP is used, it cannot be reused. This single-use limit is crucial for the security of the OTP method.

• Do I need to register?

  No. All Members who currently use FTP will be automatically moved to SMS OTP on 16 September 2024.

• What happens if I don’t have a mobile phone number listed in Internet Banking?

  Your internet banking will be set to 'read only' and you will not be able to transact.

• Can I update my mobile phone number in Internet Banking?

  Yes.

  It’s important to ensure your mobile phone number is listed in your online banking profile - via Internet Banking. This option is not available in the Bank First App.

  See video guide for assistance.

• Can I update my mobile phone number in the Bank First App?

  No.

  Your personal details, including updating your mobile phone number can only be completed using Internet Banking. See video guide for assistance.

• What happens if an old number is listed in Internet Banking?

  You must update your mobile phone number using Internet Banking - not available via the Bank First App.

• I want to continue to use FTP. Can I still transfer funds using Internet Banking?

  Unfortunately, no. Your Internet Banking will be set to 'read only' and you will not be able to transact.

  You will not be able to: 

  • Pay an existing Payee or Biller (at time of payment)  

  • Pay a new Payee or Biller (at time of payment)  

  • Add a new Payee or Biller (via address book)  

  • Change a saved Payee or biller (via address book)  

  • View /change contact details  

  • Update email confirmation flag (ON or OFF)  

  • Identify pending authorisations 

   

International

• I live overseas. Can I still use FTP?

  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. 

   

• How do I add an ‘authorised person’?

  Please complete the Add Signatory form.

• What about if I’m travelling within Australia?

  SMS OTP is available in Australia. However, it’s important to note that if you live, or are travelling, in an area with poor mobile coverage, you may not be able to receive SMS OTP.

• I’m going on a holiday overseas. Will SMS OTP work?

  If you’re travelling overseas and can send and receive SMS’s on your mobile phone and your Australian SIM card allows global roaming in the country/countries you are visiting, you will be able to receive the SMS OTP. 

   Please check with your SIM card/mobile phone provider for global roaming and mobile coverage before leaving the country.  

   If you are travelling for a short period, we recommend you schedule your future payments in Internet Banking before leaving. 

• If you live in Australia and have an Australian mobile phone number

  Check to make sure your mobile phone number is listed in your Internet Banking profile. 

  Follow these steps to update your number. 

  You’re all set! 

• If you are overseas and have an Australian mobile phone number

  If you have an Australian mobile phone number - check that this is the number you have registered in your Internet Banking profile.  

  Make sure your phone is set to ‘international roaming’ when you use Internet Banking. 

  That’s it! You’ll be switched over to OTP two-factor authentication on 16 September 2024. 

• If you are overseas and you don't have an Australian mobile phone number

  If you don’t have an Australian phone number - you won’t receive OTP two-factor authentication messages. 

  There are two options: 

  1. Purchase a SIM from an Australian provider.  Register your Australian mobile number in Internet Banking profile.  

  Make sure your phone is set to international roaming to receive your OTP two-factor authentication messages. 

  2. Authorise another person who has an Australian mobile number to conduct transactions on your behalf. 

  This person’s Australian mobile number must be registered in your Internet Banking profile.  

  They will receive your OTP two-factor authentication messages.