SINGAPORE – DBS is rolling out “soft” tokens for its 2.6 million online and mobile banking customers to replace hardware tokens.
The soft token is being embedded in DBS’ digibank app and personalised for every user in batches from Tuesday (April 11). It is used to generate the one-time passwords (OTP) needed for accessing banking accounts via the same app.
The bank, Singapore’s largest, hopes to let customers ditch their physical tokens by June next year (2018), when the soft token is upgraded to take over all the functions of the hardware token.
This roll-out follows a successful trial which started in December last year involving some 200,000 customers.
“It’s part of our innovation drive so that banking becomes simpler for customers,” Mr Jeremy Soo, head of Consumer Banking Group Singapore at DBS Bank, told The Straits Times.
He assured customers that the bank is committed to provide the “highest level of security”. Its digital token is encrypted and protected against phone malware, he added.