Question:

How does the Peek Balance feature affect the security of bank accounts?

Some banks offer a feature that allows customers to check their account balance without entering their credentials. What are the technical implications of this feature? Does it compromise the security of the account by keeping it partially authenticated at all times?

Answer:

Some banks offer a feature that allows customers to check their account balance without entering their credentials. This feature, known as Peek Balance, is designed to provide convenience and ease of access for customers who want to quickly view their account status. But what are the technical implications of this feature? Does it compromise the security of the account by keeping it partially authenticated at all times?

The Peek Balance feature works by storing a token on the customer’s mobile device, which is linked to their account number and balance. The token is encrypted and has a limited validity period, which means it expires after a certain time or after a certain number of uses. The token does not contain any other sensitive information, such as the customer’s name, address, PIN, or transaction history. The token is only used to display the account balance on the mobile device, and cannot be used to perform any other actions, such as transferring funds, paying bills, or changing settings.

The Peek Balance feature does not compromise the security of the account, as long as the customer follows some basic precautions. These include:

• Setting up a lock screen on the mobile device, such as a password, fingerprint, or face recognition, to prevent unauthorized access to the device and the Peek Balance feature.
• Logging out of the digibank app after using it, and not leaving it running in the background, to prevent unauthorized access to the app and the account.
• Reporting any lost or stolen mobile device to the bank immediately, and requesting to deactivate the Peek Balance feature and the token associated with the device.
• Avoiding any phishing or spoofing attempts, such as clicking on suspicious links or opening attachments from unknown sources, that may try to trick the customer into revealing their credentials or installing malicious software on their device.

The

Peek Balance feature is a convenient and user-friendly way to check the account balance without logging in, but it does not compromise the security of the account, as long as the customer follows some basic precautions and practices good cyber hygiene. The feature is also optional, and the customer can choose to enable or disable it at any time, according to their preference and comfort level. The feature is currently available for some banks, such as DBS , and may be adopted by more banks in the future.