Come April 1, DBS Bank customers need no longer use the physical 2FA token for online and mobile transactions — that’s one less device to carry.
The bank has decided to go fully digital and make the smartphone the second form of authentication via passwords and/or biometrics.
While the physical token has fulfilled its purpose in the past, the move to a digital token will take away the concern of forgetting the physical token and its associated challenges, such as flat battery and misplacement.
The new method will make banking safer, easier, and hassle-free as customers generally have their smartphones with them most of the time. And the mobile banking app also sits on the phone.
Authentication is needed for conducting banking services over a browser.