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Bank digital security token a boost for Malaysia IR 4.0

According to a recent report, the Malaysian branch of a major bank recently announced the launch of its digital security token.

The token was developed to provide customers with greater security and convenience for online and mobile banking transactions.

According to another report, a study conducted by a leading innovator in enterprise software, almost half (46%) of Malaysia consumers are dubious about the security of e-wallets and payment applications. The numbers rise for connected devices, with 53% doubting the security of smart devices with payment capabilities.

The study also found that Malaysia consumers prefer traditional payment methods, with the majority (70%) indicating that they trust online interbank transfers, ATMs or cash.

Contrastingly, consumers in Indonesia, the Philippines and Thailand are reportedly more open to the connectedness that the new methods of payment bring.

In order to further secure online payment platforms, banks and FSIs continue to innovate to meet the shifting demands of mobile-first consumers. Forward-thinking banks are already gaining traction with the introduction of biometric payment with at close to three-quarters of consumers in Malaysia (71%) placing high trust in the technology, alongside cash payment.

Malaysia consumers also indicated areas of improvement for banks to do better in, rating the following attributes lower than the regional average:

  • Transparency in policies and understandable terms and conditions;
  • Ease at processes and logins to make transfers, get info or register for service;
  • Data privacy security and ethical use of personal data;
  • Speed in answering queries or resolving issues;
  • Availability of customer service channels.

Thus, it is out of this need for security and ease of use for the Malaysian consumers that the bank’s digital token was developed.

Customers can use their smartphones as their security token with the digital security token function on the bank’s app to authenticate their personal internet and mobile banking transactions.

The token provides customers with security that is more enhanced than an SMS One-Time-Password (SMS-OTP), which is traditionally used to verify certain banking transactions such as fund transfers and credit card bill payments.

To use the token, customers simply need to log into their accounts on the bank’s app via their smartphone or tablet. They will then be prompted to create a unique token PIN. Thereafter, customers will be prompted to key in the PIN on the app whenever they need to authenticate internet or mobile banking transactions.

The enhanced security provided by the digital token and related software in the two-factor authentication process offers more robust protection against fraudulent transactions. In addition, customers will no longer need to obtain a one-time SMS-OTP every time they wish to make a transaction.

The Managing Director of the bank’s Malaysian branch noted that the token is designed to reflect the changing lifestyle needs of its customers and to provide them with greater convenience, especially when they are travelling.

It was noted that by using the token, customers can make transactions from anywhere at any time as long as they have access to the internet, they will be able to receive their security token via the app.

This system is more convenient than receiving an SMS-OTP, which is dependent on a mobile network service. This means that customers travelling abroad will enjoy an undisrupted mobile banking service without incurring any additional mobile network charges.

The MD noted that an increasing number of the bank’s customers are turning to online banking services with the adoption of the bank’s app. Almost 60% of the institution’s customers now use the internet and mobile banking services to make fund transfers, to make online payments and to pay their credit card bills. This is more than a 36% increase compared with a year ago.

According to the Industry 4.0 Framework, the Malaysian Government seeks to institute and enable the development of good digital infrastructure that ensures reliable and secure Industry 4.0 operations – like banking, for example.

Technology advancement is increasingly propelling global manufacturing competitiveness and the policy framework fosters a seamless and accelerated adoption of Industry 4.0 technologies.

The launch of this new digital token reaffirms the bank’s commitment to harnessing technology to make banking simpler, smarter and safer for customers. In addition, the token is a step in the right direction towards manifesting Malaysia’s Industry 4.0 goals.


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