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DBS offers digital token with increased security for corporates, SMEs

DBS Bank has introduced a new digital token to provide a higher level of security and an improved user experience to more than 200,000 of its corporate and small and medium-sized enterprises (SME) customers on DBS IDEAL, the lender said in a press statement on Sunday.

DBS IDEAL is the bank’s online banking platform for corporate and SME users.

Raof Latiff, DBS's head of digital, institutional banking, said that the new digital token "significantly enhances online security to mitigate transaction risks".

It will be available to all IDEAL users across the bank’s key markets in Asia from May 2019 onwards. Those who are using an earlier digital token will be automatically migrated to the new service.

With the new digital token, customers can do away with their physical tokens. Previously, they had to activate their physical or digital token app in order to approve transactions.

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For more secure logins, the new token uses biometric fingerprint or facial recognition technology on the customer’s mobile device for authentication.

Customers will receive notifications to authenticate logins and transactions on their corporate accounts, sent via a secure network, and can confirm the transactions with a single swipe on the mobile device.

On the new digital token, they also no longer need to key in one-time passwords (OTPs) or SMS OTPs, which are more likely to be compromised, DBS said.

There will be an extra confirmation message sent to their mobile device through a separate out-of-band channel to verify transaction details.

Mr Latiff said that timely security enhancement is “critical” because DBS banks more than half of the 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, which include cash transactions such as instant domestic and overseas payments,” Mr Latiff said.

Separately, DBS Group Holdings, Singapore’s largest home loan provider, saw its mortgage book shrink for the first time in years due to cooling measures, the group’s chief executive Piyush Gupta said on Monday.

DBS Group also posted a 9 per cent increase in its first-quarter net profit to S$1.65 billion on Monday, amid healthy business momentum and higher net interest margin.

Its shares were trading at S$28.13 as at 1.15pm on Monday, up 72 Singapore cents.

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