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Standard Chartered Bank Singapore introduces the Security Token Card
Standard Chartered Bank Singapore earlier this month unveiled the country’s first interactive payment card that offers enhanced security. The Security Token Card is the same size (0.1cm) and weight as a standard credit card.
The Security Token Card comes with an embedded high-contrast LCD display and touch-sensitive buttons. The buttons and LCD display allows for the generation of a One-Time Password (OTP) to use as a second factor when doing online banking.
The Security Token is slated to replace existing two-factor authentication methods such as text message OTP and physical tokens by January 2013. On that front, the technology will make its way into credit cards, debit cards, and ATM cards issued by Standard Chartered Bank Singapore.