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A bank token is a security device or software application that generates a unique, one-time passcode (OTP) used to authenticate a digital banking user or a transaction. This is a core component of multi-factor authentication (MFA), adding a layer of security beyond just a username and password.

Types of Bank Tokens

Bank tokens come in two primary forms:

Hardware Tokens These are small, physical devices (like a key fob or a USB key) with a built-in screen and sometimes a button. When activated, they display a time-sensitive, unique code that the user must manually enter into their online banking portal.

Software (Soft) Tokens This is a digital version of a hardware token, typically an application installed on a smartphone or integrated into a mobile banking app. The app generates or automatically provides the one-time passcode, often with a simple tap for approval.