Automatic TOTP Verification with Outbank - iOS-Version / Security Methods - Outbank Helpdesk

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Automatic TOTP Verification with Outbank

'2-step verification' is part of the European Commission's regulatory framework called the 'Revised Payment Services Directive PSD2'. Since September 14, 2019, this directive has been mandatory for all banks in the EU. According to PSD2, customer authentication must be performed at least every 90 days – but it can be required more frequently depending on the bank.

You can either confirm your identity manually through your chosen TAN procedure or, if your financial institution offers the TOTP procedure, have it confirmed automatically by Outbank.

TOTP stands for Time-based One-Time Password and is a secure method for the second step in strong customer authentication. Using cryptographic methods on a secure device (such as a smartphone), a short-lived TOTP is derived from a 'setup code' and the current time. This proves to the financial institution that the setup code is present on the customer's device without explicitly transmitting the setup code.

To use the automatic authentication by Outbank, follow the steps below:

  1. If you haven't already done so, install an authenticator app. You can use any authentication app, including 1Password, Google Authenticator, Microsoft Authenticator, and Authy.

  2. Link the authentication app to your financial institution (if not already done so):
    - Log in to your financial institution's online portal, open the settings for 2-step verification, and start the pairing process with your authentication app.
    - Copy the displayed setup code or scan the QR code with your authenticator app.
    - To complete the linking process, enter the security code generated there into the online portal.

    If you have already set up the TOTP procedure for your financial institution with your authenticator app, you can simply copy the setup code from your authenticator app. This is a longer code consisting of letters and numbers, usually 32 characters long.

  3. Set up automatic verification in your Outbank app:
     - Open your Outbank app, go to 'Settings' > 'Bank Credential' > 'Select Bank Login' and choose 'Update Configuration'.
    - If the TAN-selection dialog appears, choose 'TOTP' as the authentication method. (This dialog appears whenever multiple authentication methods are set up with the financial institution.)
    - Leave the input field for the TOTP blank (this is only necessary for the manual entry of the TOTP) and tap 'Enter Setup Code'.
    - Enter the 'setup code' from step 2 in the corresponding input field in the Outbank app to finish activation.