Photos: Standard Chartered's new credit cards with built-in authentication device.
Here's one bank in Singapore that has done it better, as far as online transaction authentication process is concerned. Standard Chartered Bank has introduced another first-in-Singapore innovation—its new two-in-one device that acts as both a credit/debit/ATM card and a security token.
The size of a credit card, it replaces the existing card which the customer already carries, which means that the customer does not need to carry any additional device, and they can use the new card just as they have always done so before. Customers are also given the options to replace their existing cards or even get a generic token card.
According to Standard Chartered, it is also the first bank in the world to provide customers with a security token available for embedding into all card types—credit, debit and ATM cards. Standard Chartered's online banking and Breeze mobile banking customers can now opt to replace their existing credit card, debit card, or ATM card with the new personal security token card, which is lightweight and measures 1mm thick.
To enhance online security, Standard Chartered is using an advanced authentication process called "Transaction Signing", to provide customers with added protection against potential online fraud. It involves an additional authentication capability where a customer first needs to enter transaction-specific information into the Token Card (such as the last 4-digits of a payee's account number) before a 6-digit security code will be generated for input to "sign" or validate a transaction.
Standard Chartered branches in Singapore are distributing their new tokens to customers and from January 2013, customers who make use of online banking will require new security tokens that are enhanced with Transaction Signing ability.
V. Subba, Standard Chartered Bank's Regional Head of Retail Banking Products for Singapore and Southeast Asia, said: "In Singapore, many customers bank with multiple banks. We brainstormed on ways to make it convenient and yet secure for customers. The question was: instead of sending customers another bulky token, could we replace something which already exists in the customer's wallet? That was when credit, debit and ATM cards, immediately came to mind. The new Standard Chartered multi-function token is another good example of our customer-centric innovation."
Trevor Haeger, Chief Information Officer, Singapore, Standard Chartered Bank added: "Our number one priority is to safeguard our customers' interests. The introduction of this innovative security token is a tangible example of how the Bank converts technological possibility into market-leading capability. We are relentlessly improving our security to be ahead of the game and ensure that our customers continue to enjoy banking safely through our outstanding internet and mobile channels."
Sign up for CIO Asia eNewsletters.