UOB To Fully Migrate Customers To UOB Mighty Secure Digital Token By Mid-2023
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UOB Malaysia has pledged to fully migrate its customers to its more reliable UOB Mighty Secure digital token by June 2023, utilising it as the authentication method for various transactions and banking activities. This is in line with Bank Negara Malaysia’s (BNM) recent call for all banks to adopt five additional safeguards to strengthen their defences against financial scams.

Upon the full migration to UOB Mighty Secure, UOB customers will need to use the digital token exclusively to verify most transactions on UOB’s internet banking site and the UOB Mighty mobile banking app, instead of one-time passwords (OTP) sent through SMSes. These include fund transfers, payments, as well as changes to personal information and account settings.

At present, only customers who conduct banking transactions of RM10,000 and above via UOB’s banking website or mobile app are required to authenticate their payments using UOB Mighty Secure.

UOB also highlighted that the UOB Mighty Secure service – which is embedded in customers’ smartphones and accessible through the UOB Mighty app – provides more robust protection than SMS OTPs as it incorporates a two-factor authentication process. Customers will also use a password that they have pre-set themselves, which is more convenient than an automatically generated SMS OTP. Additionally, customers can avoid inconveniences such as network delays, which could result in a long wait for SMS OTPs that expire after a short period.

“As we continue to invest in our digital capabilities and online platforms, UOB Mighty Secure provides our customers an easy, convenient, and secure way to authenticate transactions on our digital banking platforms. We will continue to enhance our security features to enable customers transact securely online and protect them against financial scams,” said the chief executive officer of UOB Malaysia, Ng Wei Wei.

(Image: The Star)

Ng further stressed that like all other banks in Malaysia, UOB, too, is committed to supporting all five additional measures that had been announced by BNM to ensure greater security and protection for customers against scams. Aside from the directive to migrate from SMS OTPs to more secure verification methods, BNM had also called upon banks to tighten fraud detection rules and triggers for blocking suspected scam transactions, as well as to observe a cooling-off period for the enrolment of online banking services – among other things.

Finally, UOB said that it will continue to run customer engagement initiatives – both offline and online – to raise awareness on scams. Customers who suspect that they have been scammed are also urged to immediately contact UOB’s 24-hour fraud hotline at 03-2612 8100 for assistance.

(Source: BusinessToday)

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