DBS New Secuirty Token

Why can't DBS just use the phone for receiving the security pin rather than make us carry that secuirty token around? ANd to make matter worse, they have now increase the size of that token. Now I have to find a bigger space to carry this chunk of thing around. Hiaz....

SINGAPORE: Banks in Singapore are getting added security for online banking. DBS will replace its existing security tokens for online banking with a new device which is more secure. The new device comes in the form of a keypad. Pressing the bottom right button on the keypad will initiate a security function similar to the current token. But, come the third quarter next year, new capabilities will be activated. For high-risk transactions like transferring large amounts of money, users will key in the account numbers on the device. That improves security, because the device receives the numbers and not the computer as it is now. The device, though more secure, is more complicated in some ways. Sandeep Lal, managing director and head of Consumer Banking Group eBusiness at DBS Bank, said: "Right now, there are several steps that users will have to take...if you do a third party payee addition, you have to wait for the SMS, you have to register your SMS, etc. "In some ways, this (new device) is easier. It's one device, you put it in and you get a one-time password (OTP), which is linked to the third party payee addition... You do need to press different buttons, but we will be educating customers on that and making sure that it is very intuitive." DBS will issue the new device to nearly 1.7 million users this month. Currently, DBS has 165,000 logins and half a million Internet banking transactions every day. Its mobile banking now has nearly 380,000 users after being launched 20 months ago. DBS said the cost of creating the infrastructure is "into the millions." Despite the price, technology analysts said going online is more cost-effective for banks. Walter Lee, CEO of e-Cop Group, said: "It's actually very economical from the perspective of saving costs for the bank. Every time someone goes to the bank, they take up 10-15 minutes of the bank teller's time, which is cost to the bank. As more customers go to the physical bank office and bank branches, their cost goes up dramatically." Other local banks UOB and OCBC said they will implement transaction signing by next year in line with MAS requirements.