device is a small, electronic device that produces OTPs (“one-time passwords”, i.e. single-use codes) by pressing a button. Especially for business users, the i-code device provides also a keyboard to enter a PIN as additional protection.
- The OTPs are generated on the basis of a strong encryption algorithm, Triple Data Encryption Standard (3DES), which provides a high level of security through accredited international security institutions, and cannot be violated.
- Each OTP remains active and can be used for only 32 seconds; if it is not used within this time, it is cancelled. This serves to ensure that the codes produced cannot be saved by you or anyone else for future use.
- Each authorised user (Job Position) receives an i-code
device. The i-code devices are received by the legal representatives of the company, at an NBG Branch, regardless of whether the application forms for Job Positions were submitted at an NBG Branch or via Internet Banking by the Administrator. The i-code devices are given to the corresponding officers by the company’s legal representative or the Administrator, on their own responsibility, without notifying the Bank of their names.
device is linked to a single UserID of a Job Position in the Bank’s central systems and accordingly it is possible to ensure that each OTP is used exclusively by the specific Job Position. So, even if the device is stolen or lost, it cannot be used by anyone else.
- OTPs are used in Internet Banking to ensure additional security for money and security (such as a change in Password) transactions. The UserID and Password enable users only to see balance/statements of their accounts.
- The user enters the OTP generated by the i-code
device when asked to do so in the instructions displayed on the screen in the Internet Banking system. Upon completion of the transaction, a three-digit confirmation (“Check”) code appears on the screen, which should be the same as that generated by the i-code device (by pressing the button once again within 32?).
- Especially for corporate users (Job Positions), when further approval by another Job Position is required for the transaction, this “approval” is provided by an OTP entered for the relevant transaction by the authorised manager (the required approvals appear on the “Approvals” menu in Internet Banking).