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Bank digital security token a boost for Malaysia IR 4.0

According to a recent report, the Malaysian branch of a major bank recently announced the launch of its digital security token.

The token was developed to provide customers with greater security and convenience for online and mobile banking transactions.

According to another report, a study conducted by a leading innovator in enterprise software, almost half (46%) of Malaysia consumers are dubious about the security of e-wallets and payment applications. The numbers rise for connected devices, with 53% doubting the security of smart devices with payment capabilities.

The study also found that Malaysia consumers prefer traditional payment methods, with the majority (70%) indicating that they trust online interbank transfers, ATMs or cash.

Contrastingly, consumers in Indonesia, the Philippines and Thailand are reportedly more open to the connectedness that the new methods of payment bring.

In order to further secure online payment platforms, banks and FSIs continue to innovate to meet the shifting demands of mobile-first consumers. Forward-thinking banks are already gaining traction with the introduction of biometric payment with at close to three-quarters of consumers in Malaysia (71%) placing high trust in the technology, alongside cash payment.

Malaysia consumers also indicated areas of improvement for banks to do better in, rating the following attributes lower than the regional average:

  • Transparency in policies and understandable terms and conditions;
  • Ease at processes and logins to make transfers, get info or register for service;
  • Data privacy security and ethical use of personal data;
  • Speed in answering queries or resolving issues;
  • Availability of customer service channels.

Thus, it is out of this need for security and ease of use for the Malaysian consumers that the bank’s digital token was developed.

Customers can use their smartphones as their security token with the digital security token function on the bank’s app to authenticate their personal internet and mobile banking transactions.

The token provides customers with security that is more enhanced than an 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 the token, customers simply need to log into their accounts on the bank’s app via their smartphone or tablet. They will then be prompted to create a unique token PIN. Thereafter, customers will be prompted to key in the PIN on the app whenever they need to authenticate internet or mobile banking transactions.

The enhanced security provided by the digital token and related software 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.

The Managing Director of the bank’s Malaysian branch noted that the token is designed to reflect the changing lifestyle needs of its customers and to provide them with greater convenience, especially when they are travelling.

It was noted that by using the token, customers can make transactions from anywhere at any time as long as they have access to the internet, they will be able to receive their security token via the app.

This system is more convenient than receiving an SMS-OTP, which is dependent on a mobile network service. This means that customers travelling abroad will enjoy an undisrupted mobile banking service without incurring any additional mobile network charges.

The MD noted that an increasing number of the bank’s customers are turning to online banking services with the adoption of the bank’s app. Almost 60% of the institution’s customers now use the 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.

According to the Industry 4.0 Framework, the Malaysian Government seeks to institute and enable the development of good digital infrastructure that ensures reliable and secure Industry 4.0 operations – like banking, for example.

Technology advancement is increasingly propelling global manufacturing competitiveness and the policy framework fosters a seamless and accelerated adoption of Industry 4.0 technologies.

The launch of this new digital token reaffirms the bank’s commitment to harnessing technology to make banking simpler, smarter and safer for customers. In addition, the token is a step in the right direction towards manifesting Malaysia’s Industry 4.0 goals.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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