Why POSB need token to transfer FAST

[item2sell]

Last time can use SMS

Now always prompt for token

 

[wira]

Last time can use SMS

Now always prompt for token

Is the amount more than $3000?

 

[item2sell]

Ya. Last time I transfer 50k also no need token

 

[Maeda_Toshiie]

What if the token's battery is flat? I heard that DBS is not replacing the tokens these days.

 

[Dyhalt]

Its to safeguard against fraud since its very rampant in Asia.

SMS you need to go through a 3rd party carrier like singtel whereby token provide a direct ID method between bank and client, relatively harder for fraud to occur.

 

[Maeda_Toshiie]

Worse, even if DBS replaces your old token, it is immediately disabled the moment you apply. You'll have to wait god knows how long before they mail you the new one.

 

[Maeda_Toshiie]

Its to safeguard against fraud since its very rampant in Asia.

SMS you need to go through a 3rd party carrier like singtel whereby token provide a direct ID method between bank and client, relatively harder for fraud to occur.

The easiest fraud to perpetuate is to defraud the human, not hack into telcos with professional cybersecurity. DBS ought to know this basic principle of security, since they themselves have security professionals of their own.

 

[wira]

The easiest fraud to perpetuate is to defraud the human, not hack into telcos with professional cybersecurity. DBS ought to know this basic principle of security, since they themselves have security professionals of their own.

I remember a case few years a ago someone phone was hacked and the sms was forwarded so Hacker got the sms OTP and the person did not get the transaction alerts that money is transferred out.

So the token is still the safest option.

 

[Jazzbie]

Did a quick check online and it should be free to replace due to flat battery right? Just waiting time incurred?

 

[mummy1234]

I don't know how DBS knows my salary as it is the only CC to give me a high credit limit ie POSB Everyday card... all other cards have Low limit as I never update my salary with them. That makes me scared to transfer my savings to DBS Multiplier in case of fraud.

 

[mummy1234]

I remember a case few years a ago someone phone was hacked and the sms was forwarded so Hacker got the sms OTP and the person did not get the transaction alerts that money is transferred out.

So the token is still the safest option.

Yes, hubby keeps telling me token is safer than SMS. But I find SMS more convenient.

In cases where password or SMS hacked, do the banks return us the money under SDIC?

 

[wira]

Yes, hubby keeps telling me token is safer than SMS. But I find SMS more convenient.

In cases where password or SMS hacked, do the banks return us the money under SDIC?

DBS has a money safe guarantee in the event of unauthorised txn they will refund the money.
However they have a caveat that it is only if the customer has kept himself secure onlie.

https://www.dbs.com.sg/personal/deposits/bank-with-ease/money-safe-guarantee