One in three Singaporeans owns a Two-Factor Authentication (2FA) device and many usually carry at least two devices with them, according to Assurity Trusted Solutions' recent survey.
2FA is the verification of a user through a unique and randomly generated password from the 2FA device that is linked to a service provider. This makes it more difficult for an attacker to hack into a user's account. 2FA is most commonly used for online and mobile banking.
According to Assurity's survey, 23 percent of the 500 respondents in Singapore owned two 2FA devices each, 14 percent owned four devices, and 12 percent owned three devices. Forty-three percent of these respondents said that their main concern was carrying too many devices.
Understanding this concern, OneKey offers "authentication for online transactions across different industries" in one device, said Chai Chin Loon, chief operating officer of Assurity.
There are now over 60,000 OneKey users who carry out more than 300,000 2FA transactions a month. OneKey service providers include securities trading firms, banks, and NTUC income. Chai believes that the adoption of OneKey will increase in future as "people become more aware of the rising threat of identity theft and online fraud" and "more service providers join the nationwide 2FA system."
OneKey is part of the National Authentication framework (NAF) under IDA's (Infocomm Development Authority of Singapore) iN2015 Masterplan. NAF aims to encourage online services that handle sensitive information and/or facilitate transactions to adopt a strong authentication process.
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