Standard Chartered Bank in Singapore has introduced a set of credit and debit cards that embed a token to improve the security of online and mobile transactions.
The bank announced Monday that customers can replace their Standard Chartered MasterCard and Visa cards with the token card, which measures roughly the same size as a credit or debit card but also displays a six-digit code in the upper-right corner and features a 12-digit keypad.
Customers who sign on to their accounts using the token receive a confirmation number for transactions the customer then keys into the card, which generates a code the customer then enters into the bank’s website, mobile device or ATM to form a unique digital signature.
“We are relentlessly improving our security to be ahead of the game and ensure that our customers continue to enjoy banking safely through our outstanding Internet and mobile channels,” Trevor Haeger, chief information officer for Standard Chartered in Singapore, said in a news release. “The introduction of this innovative security token is a tangible example of how the bank converts technological possibility into market-leading capability.”
The cards are part of an industry-wide initiative to enhance online security. According to Standard Chartered, customers who bank online will be required to use the new tokens starting in January.