Cutting-Edge new security tokens designed to combat online banking fraud are to be activated this Sunday.
SINGAPORE - Three hundred thousand DBS Bank customers will be able to transfer funds and add new payees using the keypads that aim to counter increasingly sophisticated hacker scams.
The new devices are more secure than the traditional single-button tokens.
Instead of simply generating a one-time password, they require customers to enter details such as their account numbers and the amount they want to transfer - in a process known as transaction signing.
DBS is the first bank in Singapore to switch on the technology.
Another 900,000 of its e-banking customers will be able to start using it on Dec 16.
The move comes ahead of new requirements due to be introduced by the Monetary Authority of Singapore.
From January, all banks will have to use transaction-signing for high-risk online requests.
These include changing the account holder's details or adding a new payee for transfers.
Citibank, Maybank, OCBC Bank, Standard Chartered Bank and HSBC Bank have been issuing customers with keypad tokens since the start of the year, but have yet to activate the transaction signing.