Fuss-free banking: DBS fully phasing out physical tokens from April 1

Starting April this year, all DBS customers will be required to use a digital token to access their mobile and digital banking services, The Straits Times reported.

This is because the bank is phasing out the use of physical tokens which it will stop issuing from Feb 1. Once they're no longer in use, customers can recycle their physical tokens at various e-waste collection points in Singapore.

The bank says that this move is part of their plans to make banking "more seamless". 

The digital token will function the same way as the physical one, except that it is accessed through the DBS banking mobile app. 

To make sure that the transition will be a smooth one, DBS said it has spent the last three years ensuring that Singaporeans are familiar with their online banking app.

About 90 per cent of all logins currently already involve the app, where the digital token is embedded, it added. 

DBS also told The Straits Times that a "large majority" of its active digital banking users are already using the digital token.

For those with privacy concerns, the bank mentioned that the digital token is data encrypted and can only be enabled on the user's phone where the user will receive authentication alerts. 

Jeremy Soo, DBS Head of Consumer Banking, said that their aim is to ensure that access to DBS' banking services are "as seamless and as fuss-free as possible, without compromising on security". 

"Digital tokens save customers the hassle of carrying around a physical token, and of being unable to access our online or mobile services should customers accidentally misplace them," he said. 

For more information, visit the DBS website. 

annatan@asiaone.com