06 Nov '12, 10am

Standard Chartered Singapore embeds security tokens in cards

Standard Chartered Singapore embeds security tokens in cards

Earlier this year the Association of Banks in Singapore (ABS) outlined plans to start issuing online tokens with enhanced features such as "transaction signing" as part of an industry-wide security push. Standard Chartered says that it is first out the blocks, giving online and mobile banking customers the option to replace their existing credit, debit or ATM cards with the security-token one. The card contains a 12-digit key pad which customers use to enter transaction specific information - such as the last four digits of an account number - to generate a security code which appears in a display. This number is then entered online to verify the user. The token feature will be used from January for logging in to online and mobile banking, adding third party payees, transferring or making payments in amounts above a defined threshold, increasing daily transfer or payment l...

Full article: http://www.finextra.com/News/Fullstory.aspx?newsitemid=24252

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