DBS removes OTPs in digital token for corporate customers

The upgraded digital token will be available in Asia starting May 2019.

DBS unveiled DBS IDEAL digital token+ alongside the launch of its banking platform for its 200,000 corporate and SME customers, an announcement revealed. The token should be able to replace customers’ physical tokens as it will use push authentication technology and biometric facial recognition technology on mobile devices.

The bank said the new DBS IDEAL digital token+ will eliminate one-time passwords (OTPs) or SMS OTPs. Authentication notifications to confirm logins and transactions will also be sent via a secure network or a separate out-of-band channel to customers’ registered mobile devices.

“All they now need to do is confirm their transactions on their registered mobile device with a single swipe,” DBS said.

Also read: OCBC Bank launches token feature on their app

The DBS IDEAL digital token+ will be available to all IDEAL users across DBS’ key markets in Asia by May 2019. IDEAL users currently using the IDEAL digital token will be automatically migrated to the new IDEAL digital token+ service.

Raof Latiff, head of digital, Institutional Banking, DBS Bank, said that timely security enhancement is critical as DBS serves more than one in two SMEs in Singapore, many of whom are digitalising their businesses to keep pace with economic changes and consumption patterns. “At DBS, more than nine in 10 corporate and SME transactions are done online. These include cash transactions such as instant domestic and overseas payments,” said Latiff.