In today’s digital age, securing your financial transactions is more important than ever. One of the latest advancements in online security is one-tap approval, a method that makes authorising transactions not only easier but also more secure. Let’s dive into what one-tap approval is, how it works, and why it’s a great choice for protecting your financial activities.

What is One-Tap Approval?

One-tap approval is a modern security feature used by many banks and online services to make approving transactions faster and safer. Instead of entering passwords or one-time codes, you can simply approve requests with a single tap on your smartphone or other trusted device. Here’s how it enhances security and makes your online transactions smoother.

How Does One-Tap Approval Work?

Here’s a step-by-step guide to show you how one-tap approval works:

1. Initiate a Transaction: 

You start a transaction, such as logging into your account, making a payment, or accessing sensitive information.

2. Generate a Request: 

The service provider sends an authorization request to your registered device through a push notification. This request includes details like the transaction amount and the recipient of the funds.

3. Receive Notification: 

You get a notification on your device with all the transaction details. You can review this information to make sure everything is correct.

4. Biometric Authentication: 

To confirm that you’re the person approving the transaction, you might need to use biometric authentication—like a fingerprint scan or facial recognition—or enter a PIN or pattern.

5. One-Tap Approval: 

After you’ve verified your identity, you simply tap to approve or deny the request.

6. Encrypted Transmission: 

Your decision (approve or deny) is encrypted and sent back to the service provider to keep it safe from potential threats.

7. Process Completion: 

The service provider receives your response and either completes the transaction or cancels it based on your approval.

Why is One-Tap Approval More Secure?

One-tap approval isn’t just convenient—it’s also a step forward in online security. Here’s how it enhances protection for your financial transactions:

• Biometric Authentication:

Many one-tap approval systems use biometric data, like fingerprints or facial recognition, to verify your identity. Since this data is unique to you and hard to replicate, it adds a strong layer of security.

• Device-Specific Approvals:

The approval process is tied to a specific, trusted device. Even if someone has your login credentials, they can’t authorise transactions without access to your registered device.

• Encrypted Communication:

Your device and the service provider communicate through encrypted channels. This means that your transaction details are safe from being intercepted or tampered with by hackers.

• Push Notifications:

One-tap approval uses push notifications instead of SMS codes. Push notifications are harder for scammers to intercept compared to traditional SMS-based methods.

• Reduced Risk of Phishing:

By eliminating the need to manually enter passwords or OTPs, one-tap approval reduces the risk of phishing attacks, where scammers trick you into entering your credentials on fake websites.

• User Awareness:

You get notified about the details of the transaction or action being requested. This lets you spot and reject any suspicious requests right away.

• Time-Sensitive Approvals:

Requests for one-tap approval are often time-sensitive, expiring quickly if not approved. This limits the window of opportunity for attackers to misuse stolen credentials.

What to Expect with One-Tap Approval

While one-tap approval is highly secure, it may come with a few temporary inconveniences:

• Temporary Unavailability 

If you lose access to your approved device, you might face temporary restrictions on your online banking.

• Communication 

You’ll receive notifications about the transaction requests, including reasons for any denials or approvals.

The Future of Transaction Security

One-tap approval represents a significant step forward in the way the financial institutions around the world protect all financial transactions. It addresses many of the vulnerabilities associated with older methods, such as SMS OTPs, and offers a more secure and user-friendly experience.

The Move Away from SMS OTPs

In Malaysia, the central bank urges financial institutions to replace SMS OTPs with more secure methods like one-tap approval due to rampant scams exploiting SMS vulnerabilities. This proactive shift enhances security, safeguarding users from significant threats.

One-tap approval utilises advanced technologies such as biometric authentication and encrypted communications, offering a safer, convenient approach to managing online transactions. As banks innovate, one-tap approval is expected to become a standard feature for secure online banking. Stay vigilant and adopt these new security features to protect your financial information effectively.