Martin Lee @ Sg
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More Bank Security Tokens

Recently, I have started to receive new bank security tokens for internet login verification purposes.

Previously, I was using SMS authorization for some of the banks but it looks like the trend now is going towards more of having an unique security token for each bank.

So at this point in time now, I have the three security tokens as shown in the picture below. One from DBS, one from OCBC and one from UOB.

It can be quite a hassle to carry all these around but thankfully, some of the banks still allow for SMS verification (now) even with the token. I can’t imagine the day when I have to carry all these around with me.

The interesting thing is that all the tokens have the same size and buttons. The only thing different is the colour and how the exterior looks. I would not be surprised at all if they were all manufactured by the same vendor.

I think Gmail provides a more flexible approach. Their two-factor authentication allows you to choose either SMS or a smart phone application as the delivery method. This is much better than burdening you with an additional physical device.

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7 comments
durio says 6 years ago

hate the form factor of new token. i think IDA developed common security token platform but none of the banks keen to takeup. wondering why?

Reply
    Martin Lee says 6 years ago

    Hi Durio, I hate them too! Now have to content with different tokens with each brokerage firm that I have an account with…

    Reply
Jasmin LIM says 6 years ago

Is ther security to talk about when the tokens seem to come from a similar vendor? What is the purpose of the number pad on the token? Despite these features and measures, we have read from papers that money still disappear from the bank accounts. Where are we going from here?

Reply
    Martin Lee says 6 years ago

    Dear Jasmin,

    All the tokens are made by the same vendor http://www.vasco.com/ The company is of course laughing its way to the bank. 😉

    Reply
sender says 6 years ago

One needs to understand that higher security demands are inversely proportional to user convenience. However, agree that it is cumbersome to carry so many tokens around.

Reply
linus says 6 years ago

yup Martin. think afew months ago a company developed a 2fa device that should work with several banks…but looking at its site…only a poor no. of companies subscribe to them…it would have been a great all-in-one device if all banks are able to leverage single technology for better customer experiece…guess they are concern abt the security of that device and do no wish to be liable for any fraud cases resulting from the use of that device…now all houses will have multiple scv boxand 2fa devices hahhaha

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VS Lingam says 6 years ago

Why can’t all these banks develop a smartphone app (for iPhone, Android, WIndows Phone etc) that can be downloaded and installed into a smartphone? The software would be the same as that in the physical hardware token.

It will save the banks a lot of $$$ in manufacturing costs. Also, it would be easier for the banks to upgrade the security of the software token as often as they want. All it entails is to enhance the software, get customers to download and install them.

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