POSB ibanking DBS Vickers Securities said it is the first local stockbroking firm in Singapore to implement Second Factor Authentication (2FA) for its online trading platform. The new system is a stronger authentication system which requires identity validation including user ID, login password and a dynamic, time-sensitive PIN generated by the 2FA device.Mr Low Hung Huat, who is Head of Online Business at DBS Vickers Securities, said online fraud and hacking activities were getting more prevalent and sophisticated.The 2FA platform would provide customers with a safer and more secure online trading environment than the previous dual-password security system.
DBS Vickers will notify its online customers on this new security measure over the next two weeks.Existing DBS/POSB iBanking customers will be able to use the same 2FA security device for DBS Vickers online trading.And customers can start to register their online trading accounts to accept 2FA from July 7. From August 1, DBS Vickers online customers will require a 2FA security device to generate a One-Time PIN (OTP) when using the company's online trading services.
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