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DBS says goodbye to 2FA as they move to fully digital tokens

By Ken Wong - on 20 Jan 2021, 11:25am

DBS says goodbye to 2FA as they move to fully digital tokens

Bye-bye 2FA. Image courtesy of DBS.

DBS has announced that they will be doing away with their 2FA physical tokens (physical tokens) for DBS’s digibank online and mobile services.

Having spent the past three years getting Singaporeans used to using digital tokens with their online banking app, DBS says that from 1 April 2021, only digital tokens can be used to access DBS’s digibank services.

DBS says that any authentication needed if a customer is conducting banking services over a browser, will also need the digital token via the mobile app. So, it seems like using the app is the preferred banking option moving forward.

Jeremy Soo, DBS Head of Consumer Banking (Singapore) said:

As more customers take to mobile banking, our aim is to ensure that access to our services is as seamless and as fuss-free as possible, without compromising on security. Digital tokens save customers the hassle of carrying around a physical token, and of being unable to access our online or mobile services should customers accidentally misplace them.

According to DBS, around 90% of all logins involve DBS’s digibank mobile app, where the digital token is embedded.

More than 80% of the bank's active digibank users also use the mobile app, where their login uses 2FA with biometric and passcode authentication.

Guides on how to set up the digital token are available at online at DBS’s website. For those needing more assistance, the bank says that Digital ambassadors and staff at DBS/POSB branches are also available to assist with the change

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