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Phishing for trouble: The returning physical bank token is no silver bullet
The latest effort to counter phishing could rattle less tech-savvy customers. It also needs a digital ecosystem to work.
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Physical tokens in the early 2000s made way for digital tokens embedded in mobile banking apps in 2017.
PHOTO: ST FILE
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Physical banking tokens are making a comeback.
The Monetary Authority of Singapore (MAS) is working with banks on a Fast IDentity Online (Fido) hardware token that must be connected to a customer’s device to approve high-value online banking transfers – in what would be a world-first nationwide roll-out.
