UOB allows customers to use phones as security token

It launched the UOB Mighty Secure feature.

United Overseas Bank Ltd. has now allowed customers to use their smartphone as a digital security token with UOB Mighty Secure. The bank said UOB Mighty Secure ensures the necessary additional layer of security traditionally provided by physical tokens for conducting certain banking transactions.

UOB head of personal financial services Dennis Khoo said the introduction of a digital security token aligns with the changing needs of the Bank’s customers, who are using their smartphones more frequently and regularly to bank and to make payments. The number of customers who used UOB Mighty grew 43% from 2015 to 2016.

“At UOB, we are working on ways to make banking faster, simpler and secure for our customers. UOB Mighty Secure effectively turns the smartphone into a security token, and is the next step in a series of innovations that the Bank has introduced to enhance our customers’ banking experience,” Khoo noted.

To access the feature, UOB accountholders must log into UOB Mighty app by entering either a PIN or by fingerprint authentication. They would then need to enter their UOB Mighty Secure PIN to generate a one-time password (OTP) on their phone.

"This additional layer of security, also known as two-factor authentication, offers a more robust protection against fraudulent transactions," the bank said.

It furthered, "To benefit from the ease of doing more on mobile banking by turning their smartphones into their digital security token, customers would first have to download or to upgrade the UOB Mighty app from Apple’s App Store or Google Play."