New transaction signing token will cost six largest Singapore banks more than $50m
Banks are convinced that commercial risk-reward trade-offs and customer inconvenience do not fully justify the new transaction signing token for e-banking.
Online banking platforms of commercial banks handle millions of transactions every month. In mature markets such as Hong Kong and Singapore, more than 50% of all retail transactions are conducted through e-banking. For securities trading, Forex margin trading and IPO subscriptions, this percentage can exceed 80%. Banks in these two markets are able to generate between $10 and $100 per customer annually, mostly on transactional services and trading. Online banking has become more mainstream with active rates now surpassing 60%.
As a consequence, regulators frequently update their risk…
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Categories: Internet Banking
, Operational Risk & Security
, Retail Banking
, Retail Payments
, Risk and Regulation
, Technology & Operations
Keywords: Man in the Middle Attack
, Standard Chartered Bank