Give customers a choice between digital and hardware tokens

DBS' move to roll out "soft" tokens was reported to be part of the bank's innovation drive so that banking becomes simpler for customers (DBS tokens to go fully digital by June 2018; April 12).

Some customers, like myself, may not find using a physical token inconvenient. In fact, I prefer it.

To me, safety is more important than "convenience".

Experts have raised the need for consumers to have mobile threat-protection software installed in their phones, as one-time passwords sent via SMS are vulnerable to interception by spyware and hackers (Soft tokens can be equally safe, say experts; April 12).

There are still many in Singapore who use their mobile phones only for calls and text messaging.

Those who recently switched from 2G handsets to 3G ones may have to purchase more expensive smartphones or data plans from the telcos in order to use the digital tokens.

Is this additional expense necessary?

How will this work with the two-factor authentication system? Is it really safe?

Could the Monetary Authority of Singapore comment on this?

Banks should give their customers a choice as to whether they prefer to use physical or digital tokens.

Ang Chiew Leng (Ms)

A version of this article appeared in the print edition of The Straits Times on April 15, 2017, with the headline 'Give customers a choice between digital and hardware tokens'. Print Edition | Subscribe