SINGAPORE - A survey of 500 Singaporeans has revealed that one in three owns a Two-Factor Authentication (2FA) device - a key component in the fight against identity theft and online fraud.
The survey by Assurity Trusted Solutions, a subsidiary of the Info-communications Development Authority of Singapore (IDA), showed that the majority of respondents with 2FA devices owned two devices each (about 23 per cent), and many would prefer to use just one universal device.
Banks - the first adopters of 2FA devices - constitute 98 per cent of 2FA device transactions for respondents with more than two devices.
Assurity's Chief Operating Officer Chai Chin Loon said: "Using 2FA devices to authenticate online banking transactions has become the norm in Singapore."
IDA is currently implementing a National Authentication Framework (NAF), as part of Singapore's 10-year masterplan to grow the infocomm sector.
The NAF seeks to prevent unauthorised access to sensitive information available online, such as bank account details, securities trading account details or electronic health records, through a nationwide common platform for strong authentication.
Assurity, which has been assigned as IDA's NAF operator for 2FA services, has created a universal device in Singapore that can authenticate online transactions across different industries called OneKey.
Securities trading firms started issuing OneKey in November 2012.
"The user base for 2FA devices has expanded and is likely to continue to expand as more Singaporeans transact online," said Mr Chai.
Assurity aims to implement OneKey across different service providers, such as banks, to enhance security and convenience for end users.
Currently, there are over 60,000 OneKey users who carry out more than 300,000 2FA transactions a month. They benefit from the convenience and security of using their OneKey with multiple service providers.
"As more service providers join the nationwide 2FA system, users will progressively use their OneKey for multiple e-services. "Chin Loon said.