As a result of the new security enhancement, customers can initiate any online fund transfers exclusively to those beneficiaries that are included in the customer’s payee list within the Citibank Online system, thus avoiding any unauthorized transactions.
Activating a new beneficiary in the payee list is an easy and quick process, Citibank claims, during which customers need to use an online activation code that is sent as a text message to their mobile phones registered with the bank.
Online banking security for SME account customers served through CitiBusiness has also been enhanced. This customer segment can now initiate mass fund transfers based on an online transaction code delivered to the customer’s mobile phone registered with the bank. Consumer and SME customers can also activate the beneficiaries by calling CitiPhone banking.
