Hi All
After around two decades of allowing one-time passwords (OTPs) delivered by text message to assist log ins to bank accounts in Singapore, the city-state will abandon the authentication technique.
The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced on Tuesday that "major retail banks in Singapore will progressively phase out the use of One-Time Passwords (OTPs) for bank account login by customers who are digital token users within the next three months."
The banks hope this will "better protect against phishing" – at least against attacks in which scammers trick customers into disclosing their OTP. Instead, MAS and ABS encourage the use of digital tokens –apps running on smartphones that produce OTPs – as the source of second factors for bank account authentication.
https://www.theregister.com/2024/07/12/singapore_banks_fight_phishing/?utm_source=dlvr.it&utm_medium...
Regards
Caute_Cautim
