OCBC supports digital token in attempts to replace hardware security tokens

Tuesday 19 February 2019 00:29 CET | News

OCBC has rolled out a digital ‘soft’ token on its mobile banking app, in a move that is expected to save the bank some USD 25 million in five years.

This move is meant to be achieved by eliminating the issuance of hardware security tokens, and reducing SMS OTPs (one-time passwords). Moreover, the bank suggests that after its launch in January 2019 in Singapore, OCBC OneToken has been activated by more than one in four digital customers on their mobile devices, and more than two million transactions have been performed and authenticated with OCBC OneToken.

In addition, the digital token is integrated for use with biometric authentication or access code and PIN. This means that it offers customers access to digital banking services on-the-go and on their desktop. Through the OneToken customers can perform all digital banking services, from basic services including viewing bank accounts, to making payments and transfers, and even high-risk transactions, for instance adding payees and updating personal details.

The bank said that even though a customer is travelling or has no data network connectivity, OTPs can be generated offline on their OCBC OneToken-registered mobile phone. Customers are allowed to instantly reactivate OCBC OneToken on another phone if they switch or upgrade devices, as well.

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Keywords: OCBC, digital token, security tokens, OTP, Singapore, banks, mobile banking, biometrics, authentication, PIN, payments
Countries: World