1Password OTP with BMO Online Banking for Business

Hi, BMO has an OTP system with their Online Banking for Business accounts, instructions are as per https://bmocm.intelliresponse.com/olbb/en/?requestType=NormalRequest&source=100&id=6727&question=S

• Download their 'BMO Passcode' software
• Download a key file from the BMO website
• Import the key file into the BMO Passcode software
• Enter the password to unlock the key file, into the BMO Passcode software
• Paste the first OTP into BMO Online Banking for Business site to complete setup

My question is, can 1P interoperate with this system so we can avoid using BMO's custom app? It would allow us to avoid installing yet another app.

Hi @sKCZWuLeiGrwVP:

Thanks for your feedback on this. Unfortunately, this type of practice isn't that uncommon in the financial industry. We've found that many banking sites make it harder to use password managers, not easier.

We actually have a blog post about it here: An open letter to banks

Generally speaking we feel that if a service expects you to use their specific implementation of generating two-factor codes, rather than the standards based two-factor authentication supported by 1Password, that's a decision we should respect. Because the service is expecting that the codes are generated with their app, rather than 1Password, if they were to make changes, that would potentially result in you being locked out of your bank account.

Jack

Hi Jack, thank you for the thoughtful answer. That makes sense, although of course it's not optimal.

Regards