How secure is banking online?

How secure is banking online?

There are a number of ways that you are protected whilst using online banking. Some of the ways in which you are protected are outlined below.

What is a one-time password?

A one-time password is a six digit number sent to your mobile phone via SMS or via a security token, required when making certain transactions in online banking. A different password is generated each time you use one-time password security.

If I have a security token, can I also use SMS for one-time password?

Yes, you can be registered to use both SMS and a security token to generate a one-time password. Each time you conduct a secure transaction, you will be given a choice of which one-time password method you would like to use to generate your one-time password.

How much does SMS one-time password cost?

One-time password’s generated via SMS or security token are free for members.

Can I receive SMS one-time password anywhere in the world?

SMS one-time password is available anywhere that you can receive a standard text message to an Australian mobile phone number only. For overseas use, Teachers Mutual Bank does not send SMS’s to non-Australian mobile numbers. For details on receiving SMS while overseas and whether you will incur any additional charges, please contact your mobile phone service provider.

How long does it take for me to receive my SMS one-time password?

You should receive an SMS within 20 seconds. If you have not received your SMS one-time password in this time, log out and back in to internet banking and restart your transaction. Delays may be experienced during periods of high usage.

How do I update my mobile number that is registered for SMS?

To change your SMS security mobile phone number, please contact us.

Can I use the same mobile number on two different online banking logins?


What is a security token?

A security token (sometimes called a hard token, soft token or downloadable token) may be a physical device or an electronic application that generates a one-time password. Security tokens are used to prove a member’s identity electronically for certain transactions within online banking. The token is used in addition to or in place of SMS one-time password security.

Who can request a security token?

All members who are registered for online banking can request a security token.

How do I request and activate a security token?

Contact us here or send us an enquiry.

How much does a security token cost?

The security token will be at no cost to members. However, a replacement token will cost $15.00.

What should I do if my security token is lost, damaged or stolen?

If your security token is lost, damaged or stolen, contact us here. A replacement token will cost $15.00.

Can I use my security token anywhere in the world?

A security token can be used wherever you can log in to online banking. This includes overseas and in remote areas.

Can I use the same security token on more than one online banking login number?

No. A security token can only be used with one online banking account.

How to protect yourself online

Follow these tips to protect your computer or device from viruses and fraudulent activity as well as keep your identity safe online. 

Tips on how to protect myself online.