We thank Mr Teo Hoon Seng for his questions on the usage of digital tokens in online banking security (Is security of online banking based solely on not losing one’s phone?, Jan 22).
Digital tokens in mobile banking apps are a convenient and safe means for users to protect their online banking transactions.
V-Key provides many of the in-app digital tokens that many of the online/digital banks in Singapore and the world use, and these are built to the same global security standards as physical tokens, so that they remain secure even if the phone is hacked.
This is also a more convenient option, as users who lose or change their mobile phones can reactivate their digital token on their new phone, instead of waiting for new physical tokens to be delivered to them if they are lost or when their batteries run out.
Our banks have implemented multiple factors of authentication to secure higher-risk transactions, and the digital token complements other security mechanisms the banks have put in place.
Online banking users can be reassured that the banks have designed multiple layers of security to protect digital transactions.
Joseph Gan
Chief Executive Officer
V-Key
