Press Release 2018
UOB Malaysia launches digital security token, UOB Mighty Secure, to offer customers simpler and safer banking services on the go
Kuala Lumpur, Malaysia, 21 November 2018 - United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has launched its digital security token, UOB Mighty Secure, to provide customers greater security and convenience for online and mobile banking transactions. Customers can now use their smartphones as their security token with the digital security token function on the UOB Mighty app1 to authenticate their personal internet and mobile banking transactions.
UOB Mighty Secure provides customers with security that is more enhanced than a SMS One-Time-Password (SMS-OTP)2, which is traditionally used to verify certain banking transactions such as fund transfers and credit card bill payments. To use UOB Mighty Secure, customers just need to log into their UOB Mighty app on their smartphone or tablet and they will be prompted to create their UOB Mighty Secure PIN. Thereafter, customers will be prompted to key in the UOB Mighty Secure PIN on the UOB Mighty app whenever they need to authenticate internet or mobile banking transactions.
The enhanced security provided by UOB Mighty Secure in the two-factor authentication process offers more robust protection against fraudulent transactions. In addition, customers will no longer need to obtain a one-time SMS-OTP every time they wish to make a transaction.
Mr Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia, said that the UOB Mighty Secure is designed to reflect the changing lifestyle needs of its customers and to provide them with greater convenience, especially when they are travelling.
"Using UOB Mighty Secure, customers can transact from anywhere. As long as they have access to the internet, they will be able to receive their security token via their UOB Mighty App. This is more convenient than receiving an SMS-OTP, which is dependent on a mobile network service. This means that customers travelling abroad will enjoy an undisrupted mobile banking service without incurring any additional mobile network charges.
"More and more of our customers are turning to online banking services with the adoption of UOB Mighty. Almost 60 per cent of our customers now use our internet and mobile banking services to make fund transfers, to make online payments and to pay their credit card bills. This is more than a 36 per cent increase compared with a year ago. The launch of UOB Mighty Secure reaffirms our commitment to harnessing technology to make banking simpler, smarter and safer for our customers," Mr Lim said.
To benefit from the ease of doing banking using UOB Mighty Secure, customers would first have to download or to upgrade the UOB Mighty app from Apple's App Store or Google Play.
To learn more about UOB Mighty Secure, customers can visit www.uob.com.my.
1 UOB Mighty, launched on 31 October 2017, is UOB Malaysia's all-in-one mobile banking application (app) that enables customers to turn their smartphones into electronic wallets and to enjoy great dining deals within Malaysia and across the region. UOB Mighty is the first mobile banking app in Malaysia to incorporate banking, dining and payment transaction features in a single app.
2 In line with Bank Negara Malaysia's directive, customers will automatically be prompted to use the UOB Mighty Secure instead of a SMS-OTP to authenticate all banking transactions above RM10,000.
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