OCBC to continue with physical tokens as it weighs fraud risks to customers

OCBC has told The Business Times it is halting its move to phase out physical hardware tokens - previously slated for end-March 2022 - amid the sharp rise in online fraud involving the bank last month.

"We are not phasing out hardware tokens and will continue to enable customers to use hardware tokens for two-factor authentication of digital banking," said OCBC head of global consumer financial services Sunny Quek on Thursday (Jan 6) evening.

The lender had previously announced that it would completely phase out the use of hardware tokens on its online banking platform by March 31, 2022.