Domestic UOB is the first bank in Singapore to enable customers to use their mobile phone as their security token.
With the launch of UOB Mighty Secure, United Overseas Bank (UOB) consumer banking customers can use their smartphone as a digital security token, the bank said in a statement.
The service adds an additional layer of security traditionally provided by physical tokens for conducting banking transactions.
The introduction of a digital security token comes as customers are increasingly using smartphones frequently and consistently to bank and to make payments, said Dennis Khoo, UOB’s head of consumer finance in Singapore.
Next Step in a Series of Innovations
The number of customers who used UOB Mighty grew by 43 per cent this year compared to 2015.
«UOB Mighty Secure effectively turns the smartphone into a security token, and is the next step in a series of innovations that the bank has introduced to enhance our customers’ banking experience,» Khoo said.
