The Development Bank of Singapore (DBS Bank) announced on Monday (April 29) that it would do away with physical tokens for users of its corporate online banking platforms.
In an announcement, DBS Bank said it will implement digital token technology for corporates and small businesses (SMBs) to log in to its DBS IDEAL online business banking platform. The DBS IDEAL digital token tool sends a push notification to a user's mobile device as a second layer of authentication, and the bank noted the implementation of biometric technology via facial recognition on mobile devices to further secure logins. Users must register their mobile devices to have push notifications sent, which will allow employees to validate any login to their corporate accounts.
According to DBS Bank Head of Digital for Institutional Banking Raof Latiff, the financial institution services the majority of Singapore's SMBs.
"At DBS, more than nine in 10 corporate and [SMB] transactions are done online," he said of corporates' digitization efforts. "These include cash transactions, such as instant domestic and overseas payments."
That shift to online banking means security is paramount for business users.
DBS' previous token strategy required users to manually activate physical or digital token apps to authenticate and approve transactions. The new solution negates the need for one-time passwords sent via SMS, and provides extra confirmation delivered to registered mobile devices whenever transactions are made.
"The DBS IDEAL digital [token] significantly enhances online security to mitigate [transaction] risks for our corporate and [SMB] customers," Latiff added. "It means that customers who are operating within a competitive and fast-changing digital landscape can now focus on the things that matter, and grow their business, and be future-ready without having to doubt the security of their transactions."
Users of the bank's current digital and physical token technology will automatically be migrated to the new digital token service, the DBS Bank noted.