1. In order to ensure customer safety, most of Vietcombank's electronic banking transactions require dual-factor authentication:

First, user-defined information (PIN, password, fingerprint, FaceID, etc.).
Second, OTP - a one-time transaction password sent to the customer by the bank. OTP can be sent via SMS or through other methods (smart OTP application, Hard Token, etc.).
OTP is a randomly generated security code that expires automatically after a certain period of time. OTP is used to confirm that the customer is the one conducting the transaction. Each OTP is only used for a single transaction.

2. Traditionally, OTPs are generated and sent to customers via SMS. However, since the beginning of 2020, Vietcombank has introduced Smart OTP - a new superior solution for customers.

Smart OTP is a method for generating OTP passwords to authenticate customers' online transactions. With Smart OTP, customers can proactively generate OTP codes anytime, anywhere, without having to wait for the bank to send them via SMS. Smart OTP has two forms:

Stand-alone application: Used to generate OTP codes for transactions on VCB Digibank on web browsers.
Integrated form (integrated directly into the VCB Digibank mobile app): Used to generate OTP codes for transactions on the mobile app.

3. Compared to the traditional method of receiving and sending OTPs via SMS, Smart OTP has many outstanding advantages:

High transaction limits: up to 3 billion VND per transaction per day for Regular Individual customers and up to 10 billion VND per transaction per day for Priority Customers.
Convenience and ease of use: Transactions can be conducted anytime, anywhere, across borders, and OTPs can be obtained even when the device is not connected online.
Enhanced security with multiple layers of protection (phone password, application password, random display keyboard, etc.).
Online registration (no need to visit a bank counter).
Completely free of charge.