UOB claims to be the first bank in Singapore to enable customers to use their mobile phone as their security token, according to Enterprise Innovation. To do so, users would first have to download or to upgrade the UOB Mighty app from Apple’s App Store or Google Play.
The solution is named UOB Mighty Secure and provides the necessary additional layer of security traditionally provided by physical tokens for conducting certain banking transactions. These include adding new payees for fund transfers or credit card bill payments. UOB Mighty Secure allows customers to perform such transactions without having to toggle between two devices just to complete one function.
Furthermore, to access UOB Mighty Secure, customers must log into UOB Mighty app by entering their UOB Mighty Secure PIN for a one-time password (OTP) to be generated on their phone or by fingerprint authentication.
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