In a bid to provide a higher level of security to customers, Singapore’s DBS Bank has launched digital tokens for more than 200,000 of its corporate and SME customers on DBS IDEAL, the bank’s online banking platform for corporate and SME customers.
According to Raof Latiff, Head of Digital, Institutional Banking, DBS Bank, timely security enhancement is key 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,” added Latiff.
With the introduction of the new digital tokens, 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 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.
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 digital tokens will be available to all IDEAL users across DBS’ key markets in Asia from May 2019.