A Reddit user recently shared photos of old physical banking tokens they found while decluttering their room, sparking nostalgia among many Singaporeans.
The user remembered when banks offered two-factor authentication (2FA) through either SMS one-time passwords (OTPs) or physical security tokens.
Those who picked a physical token would receive a small device in the mail, sometimes with stickers to personalise it.
Depending on the transaction, users either pressed a button to generate an OTP or entered a code from the banking website before generating a response code.
The post also mentioned similar tokens used for SingPass and, in the past, by SGX for CDP account holders.
Banks switched to digital tokens
The Reddit user recalled that banks began phasing out physical tokens around 2021, replacing them with digital tokens built into mobile banking apps.
They also remembered an even older generation of DBS tokens that looked like USB drives and only generated OTPs with a single button.
The user wasn’t sure if physical tokens were still used for corporate banking and asked others to share their experiences.
Reddit users explained how the tokens worked
Many commenters said they still remembered using the devices.
One user explained that the tokens didn’t need an internet connection because both the token and the bank’s servers shared a secret code, known as a “seed”.
Using that shared code and the current time, both sides could independently generate the same one-time password through a mathematical algorithm.
Others shared memories of the older USB-style tokens, while another commenter said physical tokens are still issued to some small business banking customers. For personal banking, however, digital tokens have largely taken over.
See the post here:
In memory of my un-vintage physical tokens
byu/earth_wanderer1235 insingapore
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