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Stepping up to protect your privacy

2-Step Verification is the extra layer of security taking effect on accounts registered for digital banking. 
 
As of March 4, 2024, we’re stepping up our 2-Step Verification (2SV) rules to zero in on specific higher-risk transactions. 

To help us verify your identity, you will be asked to enter a one-time verification code (OTVC) when you attempt to complete any of the transactions listed below when banking online or using our mobile banking app. The OTVC will be sent to you by email or SMS, based on your 2SV preferences. 

Once the OTVC is entered, you can bank for 10 minutes. If completing multiple higher-risk transactions during that time, only the first will trigger an OTVC with some exceptions. Each of these (marked below with an asterisk) will always trigger an OTVC, regardless of the 10-minute window.


If a personal member, you will be prompted for an OTVC when

  • updating the phone number or email address associated with your 2SV settings*
  • changing your password, also known as your personal access code (PAC)
  • adding or editing profiles of Interac e-Transfer® contacts
  • sending money via Interac e-Transfer
  • adding or editing scheduled or recurring Interac e-Transfer transactions 
  • adding bill payee profiles
  • adding bill payments to pay the same day
  • adding scheduled or recurring bill payments

If a business (organization) member registered for MDSB, you will be prompted for an OTVC for the transactions noted above, plus the following:

  • updating the phone number or email address associated with your 2SV settings*
  • adding or editing small business delegates*
  • approving bill payments
  • approving Interac e-Transfer transactions
  • fulfilling requests for money via Interac e-Transfer
 


Frequently Asked Questions

If your banking takes longer than 10 minutes, you will receive another one-time verification code (OTVC) only if you attempt to conduct another higher-risk transaction. In this case, a new 10-minute window begins.

If you log out before the end of 10 minutes, however, only to log back on moments later, it will be considered a new banking session and you will receive a new OTVC if you conduct another higher-risk transaction. These higher-risk transactions act as a trigger for an OTVC.
This unique code is a way for us to verify your identity and confirm request for changes on your account and with certain higher-risk transactions. 
The six-digit code is triggered by the specific transactions listed above. You'll enter it once only and it will be valid for 10 minutes. If you enter an invalid code three times in a row during the same browsing session, your account will be locked out automatically and you will need to contact your home branch. 
Remember to never share this OTVC with anyone and we will never contact you to ask for it either.
 
No. Whether a personal or business member, you can expect to receive an OTVC only for the first higher-risk transaction, unless you are attempting to change the email address or phone number associated with your 2SV settings. Doing this always triggers a new OTVC.
Yes, you will. We’re amped up our security rules to verify your identity when completing any of the higher-risk transactions noted above, regardless of whether you entered an OTVC when logging in. It’s an additional layer of security we’re activating to protect your personal and financial information.  
Some, but not all, of the activities related to the direct banking and security alerts you have activated will now trigger an OTVC instead. In these cases, you will no longer receive the direct banking alert notifications.
Several direct banking alerts have been deleted, as they have now been deemed to involve higher-risk transactions. You will now receive an OTVC in these cases instead. You will need it to complete any of the following:
  • changing your password, also known as your personal access code (PAC)
  • adding payees to your bill profile
  • adding to your list of Interac e-Transfer contacts
 

Guarding your personal and financial information.

We will never call, text or email you requesting the one-time verification code, passwords, PINs or SINs. If you receive requests like these, hang up or don't reply. Instead, let us know right away.
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