Sunday, January 07, 2007

Troublesome to handle many tokens

Last week, Today published my letter suggesting that the banks should appoint a third party to issue the tokens for internet banking. Each customer only need to have 1 personal token which can be used to transact with any financial institution in Singapore.

Here is the experience of a customer. She had a bank account with DBS Bank and HSBC Bank. The two banks sent two separate tokens to her.

She had to carry the two tokens with her, as she does her internet banking at the office. She misplaced one token, and had to pay $20 for a replacement.

She is worried now, in case other financial institutions sent more tokens to her for their internet access.

She likes my idea of having one personal token to be used for all internet access.
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2 comments:

Victor Foo said...

DBSBank dispatched their DBS iB Secure Device to me around 2 months ago. HSBC called to inform me last week that we will be dispatching their token to me within a week.

Now, I am wondering if internet banking is supposed to make our online banking transaction easy - or otherwise.

My DBS iB Secure Device has since being traveling to several countries with me. My next overseas trip will include another HSBC token too.

January 07, 2007 5:55 PM
Tony said...

Agreed. It seems like the 2FA is being overdone.

Indonesia, though a much less developed country than Singapore has bank (Bank BCA) implemented token way earlier than Singapore banks. It is only required when there involves transaction, eg. Transfering money. Normal login to view statement and View transaction do not need the use of token. Furthermore the token is much more advance, for different type of transactions, different sets of password will be generated. How about that for a much less developed country...

Something our local bank can ponder upon. Unless they just want to take the easy way out.

January 07, 2007 11:27 PM

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