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DBS IDEAL is the new online banking platform for corporate customers that does away with physical tokens

By Wong Chung Wee - on 29 Apr 2019, 2:56pm

DBS IDEAL is the new online banking platform for corporate customers that does away with physical tokens

Image source: DBS

DBS Bank has announced DBS IDEAL, its new and more secure digital banking platform for its corporate customers. The bank services more than 200,000 enterprise customers and DBS IDEAL promises to enhance user experience and increase security as the bank’s customers carry out almost 90% of their financial transactions online.

The immediate advantage of DBS IDEAL is the digital token+ that will replace the physical token. First, customers will have to register their mobile devices with the bank and install the bank’s mobile application. The digital token+ will make use of push authentication technology across a secured network to registered devices. The digital token+ is an integral feature of the DBS IDEAL mobile application.

The digital token+ feature makes use of biometric security features that include biometric facial recognition and fingerprint reading for validation. This allows customers to do away with the need for physical tokens as well as passwords. Mobile devices without such biometric security features can also be used; however, a 6-digit token pin number is required for authentication.

The use of PKI (public key infrastructure) in push authentication ensures only the registered mobile device can be used for transaction authorization. The push authentication is transmitted on the secured network to the registered device, making it less susceptible to interception, unlike SMS One Time Password (OTP) or Token OTP. According to DBS, the end-to-end communication is encrypted from the DBS IDEAL application to the secured authentication service.

There’s another security layer, the biometric security features of the registered mobile device, that DBS IDEAL makes use of to ensure the authorizer’s identification hasn’t been compromised. With such enhanced security features, user experience isn’t affected one bit as the authorizer can make use of his registered mobile device, with data connectivity, to authorize financial transactions even he’s on-the-go. Best of all, he can do so without carrying any physical tokens or the need to recall passwords.

For more information, please visit DBS IDEAL.

Source: DBS Bank

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