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Tuesday, January 01, 2013

Security Tokens for Banks Transactions in Singapore

It's the first day of the year and was reminded via email by one of the banks below to remind us that from 1 Jan 2013, the new Security Token Card will be effective.

I thought I will post a sample of the different security token cards by different people at home.  Everyone at home banks with different banks and we all have different tokens!


The most interesting or rather innovative one is by Standard Chartered!
The ATM Card itself is the security token! The card is the still the same size as the regular card. Got it in Nov last year. (Yes, the reminder was from Standard Chartered) If only the other banks will do the same. It's such a clever idea!

Most of the cards have the same function and you press the 'on' button and it gives you a 6 digit code.  HSBC's card has a little twist to it though. When you press 'on', you are prompted to enter a 6 digit PIN first before it gives you the code. Does that makes it more secure?

Does a longer code makes it more secure? Maybank's previous token generated a 8 digit number, but the new one follows the other bank's and gives a 6 digit number now.

If you are a techie, the gadgets are E-Signature Digipass 270 by Vasco.
Standard Chartered's made by NagraID.

Most people leave their cards at home. It's good that the banks still allows SMS OTP for transactions with 'less risk' according to the banks.

Wishing everyone a safe and prosperous 2013!

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