Colombia’s largest bank Bancolombia has introduced a new security feature in its mobile application and online payments that it says will make transactions safer and simpler.
This six-digit Dynamic Key, or Clave Dinámica, will now be a necessary “secondary password” to conduct transactions in the Bancolombia App as well as through Medellín-based bank’s virtual branch online, telephone system, and PSE payment service.
Each transaction will now have a unique key number associated with it. The exact procedure for using the key will differ depending upon the type of service being conducted, according to the bank.
Within the app, when a user initiates a payment to their energy or phone company, for example, the password will be generated automatically within the app. For customers making transactions through their client page online, through the Sucursal Virtual Personas platform, the Dynamic Key will be sent to them via text message or email.
The bank has encouraged mobile users to update their app and follow the instructions for the new protocol. The full details about the Dynamic Key process can be found on the Bancolombia website.
“This new service strengthens the security we offer to customers who make their transactions through our virtual channels,” said Luz María Velásquez, vice president of people and small business at Bancolombia. “The Dynamic Key, in addition to minimizing risk of electronic fraud, is easy to use since it doesn’t require customers to memorize anything.”