OCBC Bank has rolled out a digital security token on the OCBC Mobile Banking app for secure and convenient digital banking, replacing all hardware security tokens for customers.
Integrated for use with biometric authentication or access code and PIN, the OCBC OneToken offers customers access to all digital banking services on-the-go and on their desktop, eliminating the need for SMS one-time passwords (OTP) or hardware tokens.
This service has been available to all OCBC Singapore customers since January 2019. OCBC Malaysia customers will be able to use this service from March 2019, according to a media release on Tuesday. The bank expects to save S$25 million in five years by reducing SMS OTPs and eliminating the issuance of hardware tokens
Even When Travelling
After a simple one-time set-up, OCBC OneToken is instantly activated on the customer’s mobile phone. Customers can then perform all digital banking services.
Even if a customer is travelling or has no data network connectivity, OTPs can be generated offline on their OCBC OneToken-registered mobile phone. Customers can also instantly re-activate OCBC OneToken on another phone if they switch or upgrade devices, which happens once every two years on an average in Singapore.
Since its launch in Singapore in January 2019
- more than 1 in 4 digital customers have activated the digital security token on their mobile devices,
- more than 2 million transactions have been performed and authenticated with OCBC OneToken.
