Singapore banks see higher requests for physical tokens in January

MORE consumers are requesting physical security tokens amid the recent SMS phishing attacks, perhaps reflecting elevated levels of overall distrust and anxiety over digital banking services.

This comes even as lenders and some cybersecurity experts have claimed digital soft tokens are just as secure for 2-factor authentication (2FA).

In response to queries from The Business Times (BT), UOB said it has seen a daily average of 15 enquiries for physical tokens over the last few days, up from a daily average of 10 at the start of January.