DBS Bank announced that 200,000 of its corporate and SME customers will be using DBS IDEAL, the bank’s online banking platform, with a higher level of security using digital tokens. DBS’ IDEAL digital token will help mitigate transactions risks, the bank said in a statement.
Raof Latiff, head of Digital, Institutional Banking, DBS Bank, said that timely security enhancement is critical as DBS banks more than one in two SMEs in Singapore, many of whom are digitalizing their businesses to keep pace with economic changes and consumption patterns. “At DBS, more than nine in 10 corporate and SME transactions are done online. These include cash transactions such as instant domestic and overseas payments,” said Latiff.
With the introduction of the new DBS IDEAL digital token+, customers can now do away with their physical tokens. They will benefit from push authentication technology and more secure logins which tap on biometric facial recognition technology on their mobile devices. With the latest security enhancements, authentication notifications to confirm logins and transactions will be sent via a secure network to customers’ registered mobile devices. This enables them to validate logins to their corporate accounts and perform and confirm online transactions anytime, anywhere.