Singapore-based OCBC Bank has launched its own digital security token on the OCBC Mobile Banking app. OCBC OneToken is designed to replace all hardware security tokens for customers as a provider of secure and convenient digital banking.
The token, which has been available to all OCBC Singapore customers since January 2019, offers customers access to all digital banking services on-the-go and on their desktop, also eliminating the need for SMS one-time passwords (OTP). The service will be introduced in Malaysia in March 2019.
According to the bank, already more than 25 percent of customers in Singapore have activated the digital security token on their mobile devices. The OCBC OneToken was used for more than 2 million transactions since then and the bank expects to save S$25 million (~US$18.44 million) in 5 years by reducing SMS OTPs and eliminating the issuance of hardware tokens
OCBC OneToken is integrated for use with biometric authentication or access code and PIN. After a simple one-time set-up, the digital security token is activated on the customer’s mobile phone, who can then perform any digital banking services, from viewing bank accounts to making payments and transfers, and even high-risk transactions.
Aditya Gupta, Head E-Business, Singapore & Malaysia at OCBC Bank, commented: “The move towards digital security tokens will allow our customers to ditch their hardware tokens and bank more seamlessly and securely with us. Everyone has their mobile device with them almost all the time, so having OCBC OneToken on their mobile makes digital banking totally frictionless – no SMS OTPs, no hardware tokens, no passwords needed for authentication. We are excited about the positive initial customer response, and are confident that a majority of our digital consumers will embrace this.”
The token authenticates transactions on the bank’s mobile app and allows customers to approve transactions on their registered mobile phone when banking on other devices. OTPs can even be generated offline on customers’ OCBC OneToken-registered phone and be reactivated on another phone in case of a switch or upgrade.