UOB Malaysia issues digital security token
According to the VMware Banking Consumer 2020 Study, about 46% of Malaysian consumers have security concerns when it comes to e-wallets and payment applications. The same study also revealed that despite 82% of surveyed Malaysian consumers sharing their banking account details in as many as six applications, only 25% practiced good cybersecurity by using different passwords for all their accounts.
To calm its customers, United Overseas Bank (Malaysia) or UOB Malaysia has launched its digital security token, UOB Mighty Secure, to provide customers greater security and convenience for online and mobile banking transactions.
UOB Mighty Secure provides customers with security that is more enhanced than a SMS One-Time-Password (SMS-OTP), which is traditionally used to verify certain banking transactions such as fund transfers and credit card bill payments.
To use UOB Mighty Secure, customers just need to log into their UOB Mighty app on their smartphone or tablet and they will be prompted to create their UOB Mighty Secure PIN. Thereafter, customers will be prompted to key in the UOB Mighty Secure PIN on the UOB Mighty app whenever they need to authenticate internet or mobile banking transactions.
The enhanced security provided by UOB Mighty Secure in the two-factor authentication process offers more robust protection against fraudulent transactions. In addition, customers will no longer need to obtain a one-time SMS-OTP every time they wish to make a transaction.
Ronnie Lim, managing director and country head of Personal Financial Services, UOB Malaysia, said that the UOB Mighty Secure is designed to reflect the changing lifestyle needs of its customers and to provide them with greater convenience, especially when they are traveling.
“Using UOB Mighty Secure, customers can transact from anywhere. As long as they have access to the internet, they will be able to receive their security token via their UOB Mighty App. This is more convenient than receiving an SMS-OTP, which is dependent on a mobile network service. This means that customers traveling abroad will enjoy an undisrupted mobile banking service without incurring any additional mobile network charges.
“More and more of our customers are turning to online banking services with the adoption of UOB Mighty. Almost 60% of our customers now use our internet and mobile banking services to make fund transfers, to make online payments and to pay their credit card bills. This is more than a 36% increase compared with a year ago. The launch of UOB Mighty Secure reaffirms our commitment to harnessing technology to make banking simpler, smarter and safer for our customers,” Lim explained.
The UOB Mighty app can be downloaded from either Apple’s App Store or Google Play.