ABN Amro is to use authentication technology from Belgium-based Vasco to provide its retail customers in Singapore with secure online banking services.
ABN Amro Singapore will provide retail customers with Vasco's Digipass GO3 authentication token which generates a single-use password for accessing online applications.
Vasco says online banking using static passwords becomes increasingly risky due to fraudulent activity such as phishing and keystroke logging. Its Digipass GO3 system changes the password every 36 seconds.
"Key-logging programs and phishing schemes are a reality for every responsible financial institution offering e-banking applications to its users," says Qasif Shahid, ABN Amro's head of alternative distribution and e-channels. "A one-time password generated by Digipass can't be re-used and prevents phishing attempts."