Banking - Physical vs Digital Token

[keenklee]

IMHO.
Hopefully there are more awareness now.

 

[reddevil0728]

IMHO.
Hopefully there are more awareness now.

awareness about?

 

[ECyClone]

The problem with this approach for ppl with different bank account if all use physical token wow imagine the hassle. I know as I used to have so many different bank physical token then some no battery need contact CS issue new one etc. Later all become app based centralized on one phone different banking apps.

I guess no solution can satisfy all user needs. For security with app based is to diversify your funds in different bank accounts each not holding too much. For ppl who only have 1 or 2 bank account I strongly advised physical token cuz your funds concentrated in one. Lost once lost all super heart pain!

Agree.

If you remember that at one point of time there's this physical token OneKey? SGX and can't remember who else "sharing" this login method. Replacement is not free thou.

 

[lzydata]

Agree.

If you remember that at one point of time there's this physical token OneKey? SGX and can't remember who else "sharing" this login method. Replacement is not free thou.

Yeah, OneKey already died, in favour of the Singpass app.

 

[reddevil0728]

https://www.straitstimes.com/tech/tech-news/is-it-time-to-phase-out-sms-otps-to-stem-scam-scourge

 

[a4973]

Hi , so RHB Singapore has deactivated their RHB Now internet banking platform only using their RHB Mobile app. Can experts provide opinions on whether this is more secure against the type of phishing scam that has happened recently? Thank you.

 

[reddevil0728]

Hi , so RHB Singapore has deactivated their RHB Now internet banking platform only using their RHB Mobile app. Can experts provide opinions on whether this is more secure against the type of phishing scam that has happened recently? Thank you.

At the end of the day is about whether you go click any link and go input your details.

nobody can prevent that from happening other than you yourself.

if it’s a systemic issue by the bank, then they are at fault.

but for the ocbc case, it appears people rather go click on the link and don’t check the link that they went to before filling in the details.

 

[zeiten]

Yes one should always check the address before inputting critical details. It would also be helpful to set alerts on spends to the lowest level. $1 would be best but I think some banks have higher lowest levels.

 

[mikelee7900]

Yes, one is the phone and the other is standalone piece.
That's good to know.

Maybe I am paranoid which is why I prefer separate devices rather than all-in-one !

Like my SMS and bank apps are on different phones. The SMS phone is like the standalone piece.

But you need 2 SIM cards and pay double?

 

[reddevil0728]

But you need 2 SIM cards and pay double?

additional security doesn't come free or cheap?

 

[chiokcc]

https://captain-sinkie.com/articles...-scam-is-extremely-dangerous-for-singaporeans

 

[reddevil0728]

https://captain-sinkie.com/articles...-scam-is-extremely-dangerous-for-singaporeans

An individual's own diligence is their last line of defence, so people have to be responsible for themselves and can't be overly reliant on others.

 

[wira]

https://captain-sinkie.com/articles...-scam-is-extremely-dangerous-for-singaporeans

Pretty soon dbs will come knocking on his door to ask him to take down his 'phishing site'.

Intentions may be good but its still against the law i believe to create a fake bank site without the banks prior approval.

 

[cscs3]

IMHO.
Also, will a person be forcefully coerced into logging into the bank app to perform a big transaction.
Banking apps would have evolved by now so not sure if it was like last time e.g. without the physical token, quite a few transaction cannot be done.

Unfortunately, quite a number of bank moved into the case to face out physical token completely. OCBC is one of them till the recent incidents, they go back with physical token.

 

[keenklee]

But you need 2 SIM cards and pay double?

IMHO.
I pay for same number multi-sim.
However, it will be ending soon as I heard Singtel will be terminating this service.

 

[keenklee]

Unfortunately, quite a number of bank moved into the case to face out physical token completely. OCBC is one of them till the recent incidents, they go back with physical token.

I read online that OCBC, UOB and DBS are back tracking.

 

[anddrool]

The higher the security imposed by a system, the higher the inconvenience is. There is always a trade off.

The recent OCBC scam is just an sad unfortunate event taken advantage by scammers.
The Scammers take advantage of SMS spoofing, website phishing and most importantly human factor (the weakest link).

A lot of people don't understand the technology used by scammers and come up theories such as bank SMS being compromised, why scammers have the phone numbers, etc.

 

[oceanicmanta]

from what I read
- SMS spoofing is not new (and perhaps not as sophisticated as some "security experts" put it out to be ... Cpt Sinkie showed)
- Aug 2021, IMDA already sugested buisneses to register for SMS Sender ID protection

did any banks take it up ?

 

[cscs3]

I read online that OCBC, UOB and DBS are back tracking.

Nothing beats token on 2 physical devices.

 

[reddevil0728]

Nothing beats token on 2 physical devices.

Not sure if this sentiment is shared by all