Security tokens play an important role in online banking by providing an extra layer of authentication beyond just a username and password. In particular, GTBank issues both hardware and software tokens to their customers for securely completing high-risk transactions.
However, does the token ever expire like other digital credentials? What are the implications of expiry and how can customers know if it has occurred?
This comprehensive guide provides clarity on token expiry policies at GTBank. We’ll examine the lifespan and usage of both hardware and eToken variants. Proper documentation is also discussed to ensure smooth token replacement when needed.
By the end, you’ll gain a clear picture of GTBank’s approach to token management over time. Let’s begin our discussion on this important topic.
GTBank Token Overview
Before delving into expiry details, it’s helpful to understand the different token types available from GTBank:
- Hardware Token: A physical security device issued by the branch that generates one-time passcodes (OTPs) for authentication.
- eToken: A software-based token accessed via the GTBank mobile app to generate OTPs on customers’ devices.
Both options securely enable high-value transactions like foreign exchange conversions or large fund transfers requiring an extra layer of verification beyond online banking passwords.
While eTokens are more portable, hardware tokens are considered more reliable since they operate independently of internet/power connections. Proper token management also ensures customers can seamlessly access accounts over many years.
With this overview in mind, let’s examine GTBank’s policies around token lifespan and associated procedures to handle expiry when it occurs.
Do GTBank Tokens Expire? Hardware Versus Software
The answer regarding GTBank token expiry differs based on the specific token type:
Hardware Token Expiry:
- GTBank hardware tokens issued to customers are designed to function securely for 7 years from the date of activation.
- After 7 years, the token reaches the end of its life and will automatically stop generating valid OTPs needed to log in to online banking.
eToken Expiry:
- As a software token accessed via the mobile app, tokens themselves do not expire with time.
- However, individual OTP codes generated via the eToken are only valid for a short duration (usually 15-30 minutes) before they expire.
So in summary – GTBank hardware tokens have a definitive 7 year expiry period, while eTokens do not expire but the OTP codes they produce have short-term expiration windows.
Understanding these specifics helps customers properly manage their tokens over the long-term usage period.
What to Do Upon Hardware Token Expiry
Since GTBank hardware tokens become inactive after 7 years of service, it’s important customers are prepared for replacement in a seamless manner. Here are the recommended steps:
- Monitor Token Expiry Date
- Customers should note the activation/issue date written on the back of their hardware token.
- Set reminders for 6-12 months before the 7-year mark to initiate replacement in a timely way.
- Contact GTBank Branch
- Visit any GTBank branch a minimum of 1 month before expiry.
- Inform staff that your token is nearing the end of its life and request a new replacement unit.
- Provide Valid ID & Complete Forms
- Present your GTBank account number and a valid photo ID like a national ID card.
- Fill necessary forms and provide biometrics like fingerprints for the new token.
- activation & Testing
- The branch will activate your replacement token upon receipt.
- Test with some transactions that it is generating OTPs correctly before the expiry date.
- Deactivate Old Token on Expiry Date
- On the expiry date, your old token will automatically deactivate after its last use.
- Transition fully to the new replacement token going forward.
With proper planning through this process, customers can renew hardware tokens seamlessly at GTBank upon each 7 year cycle with no disruptions.
Resetting eToken & Handling Expired OTPs
While eTokens from GTBank do not have an expiration date, the one-time passcodes (OTPs) they generate only remain valid for a limited time:
- OTPs usually expire within 15-30 minutes of generation via the mobile app.
- If a previously generated OTP shows as “expired” when trying to login – simply generate a new OTP code.
- As an additional security measure, GTBank also permits resetting your eToken if it is lost/compromised.
To reset an eToken:
- Visit the bank branch with a valid ID
- Inform staff you want to deactivate the old eToken
- Complete the necessary forms to activate a fresh eToken
- Download updated eToken software on your phone
- Set a new activation PIN and start using the fresh eToken
Proper eToken management ensures customers can continue accessing accounts securely wherever they are located.
Frequently Asked Questions
Now that we’ve examined GTBank’s approach to token expiry in detail, let’s address some other common queries customers may have:
Q: How do I know if my hardware token has expired?
A: If the token stops generating valid OTPs needed for online transactions, it has reached the end of the 7 year period. You will need to visit the branch for replacement.
Q: What if I lose my GTBank token before expiry?
A: Visit any GTBank branch with ID to deactivate the lost token and request a replacement unit. There may be administrative charges for replacement due to loss instead of normal expiry.
Q: Can I remove the eToken software before the 7 years?
A: No, the eToken itself does not have an expiration period. You can continue using it indefinitely for as long as you remain a GTBank customer requiring the security functionality it provides.
Q: If I change phones, how do I transfer the eToken?
A: Visit any GTBank branch and inform them you need to migrate the eToken to a new device. They will help reinstall the software securely on your new phone.
Q: What if I forget my GTBank online banking password?
A: Use the “Forgot Password” option on the website or contact the bank helpline for assistance in resetting your login credentials securely.
Conclusion
In summary, an understanding of GTBank’s policies regarding token replacement ensures seamless continuity of access to online banking services over many years.
While hardware tokens expire every 7 years, planning ahead enables smooth replacement each cycle. eTokens also provide flexible access as long as proper reset procedures are followed if the software is lost or a new device is obtained.
Adhering to documented best practices eliminates disruptions from token expiry. Customers can confidently use secure authentication methods from GTBank without hassles.