Mr Raof Latiff, Head of Digital, Institutional Banking, DBS Bank, said that timely security enhancement is critical as DBS banks 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. With the introduction of the new DBS IDEAL digital token+, customers can now do away with their physical tokens. They will benefit from push authentication technology and more secure logins which tap on biometric facial recognition technology[1] on their mobile devices. With the latest security enhancements, authentication notifications to confirm logins and transactions will be sent via a secure network to customers’ registered mobile devices. This enables them to validate logins to their corporate accounts and perform and confirm online transactions anytime, anywhere. Previously, customers had to activate their physical or digital token app in order to authenticate and approve transactions. The new DBS IDEAL digital token+ eliminates the need for them to key in one-time passwords (OTPs) or SMS OTPs, which are more likely to be compromised. All they now need to do is confirm their transactions on their registered mobile device with a single swipe[2]. The DBS IDEAL digital token+ also adds more peace of mind and assurance to the transaction approval process. When approving a transaction, customers will benefit from an extra confirmation message delivered to their mobile device through a separate out-of-band channel[3] to verify transaction details. Said Latiff, “The DBS IDEAL digital token+ significantly enhances online security to mitigate transactions risks for our corporate and SME customers. 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. By employing new technologies to meet their increasing security needs, we continue our relentless approach of thinking one step ahead to protect our customers from risks that arise from this digital age.”The DBS IDEAL digital token+ will be available to all IDEAL users across DBS’ key markets in Asia from May 2019. IDEAL users currently using the IDEAL digital token will be automatically migrated to the new IDEAL digital token+ service.
______________________________________________
[1] Only for mobile devices that are enabled with biometric technology
[2] The new DBS IDEAL digital token+ taps on the latest security techniques to facilitate end-to-end encrypted communication between DBS IDEAL and a secured authentication service.
[3] An out-of-band channel is a separate data stream (eg. to the mobile device), independent from the main in-band stream (eg. to the desktop)
More information about DBS IDEAL token+ can be found here
About DBS DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for ten consecutive years from 2009 to 2018. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 27,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
