A Layman’s Guide on How Banks Are Ensuring You Stay Scam-Free!
As you may have noticed, scams are on the rise, with many scammers exploiting SMS to deceive users. SMS messages are easily intercepted, making them a single point of failure (SPOF). Many banks are shifting from one-time password (OTP) SMS to digital tokens to combat this vulnerability.
Why the Change?
With online banking and digital transactions becoming the norm, securing your money is more critical than ever. SMS-based OTPs are insufficient against sophisticated cyber threats. Digital tokens, on the other hand, are game changers in protecting your finances. Here’s why digital tokens are essential for your security:
- Multi-Factor Authentication (MFA):
- A robust customer authentication system combines something you know (password), something you have (phone or security token), and something you are (fingerprint or biometrics).
- Having multiple forms of verification enhances the security model, ensuring that even if one factor is compromised, the other factors remain secure.
- Protection from Phishing:
- Scammers often set up fake websites to trick users into disclosing their OTPs. Digital tokens are embedded within your mobile device which minimises this risk as scammers would require explicit authorisation from the user’s device.
- This means even if you inadvertently visit a phishing site, the scammer cannot complete the transaction without access to your physical device.
- Real-Time Threat Detection:
- Runtime application self-protection (RASP) solutions provide overall mobile application protection from malware by promptly detecting and responding to threats.
- This ensures that your banking app remains secure even if your device is targeted by malicious software.
Key Benefits of Digital Tokens:
- Increased Security: Reduces the risk of fraud and unauthorised transactions, providing customers with peace of mind.
- Seamless User Experience: Provides a convenient and frictionless experience for users, making online banking more efficient.
Read how Bank Simpanan Nasional (BSN) benefited from i-Sprint’s Multi-Factor Authentication Solution, enhancing both their security and user experience.
Stay Ahead with Advanced Security Solutions
Ensure your security solutions adhere to best practices and meet industry standards and regulatory compliance guidelines such as the OWASP Top 10 and the Singapore Safe App Standard from CSA. Reach out to us and schedule a consultation today to explore how we can enhance your digital security.
