New Security Protocol: Singapore Banks to Drop OTPs for Digital Tokens
Singapore's retail banking sector has been given a three-month deadline to eliminate the use of one-time passwords (OTPs) for online account authentication, according to a joint announcement by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) on July 9, 2024.
To combat the growing threat of phishing attacks, banks will transition to using digital tokens for customer logins. The MAS stated, "Customers who have activated their digital tokens on mobile devices will be required to use them for accessing their bank accounts via web browsers or mobile banking apps." This move aims to enhance security by eliminating the vulnerability associated with OTPs, which scammers can potentially steal or trick users into revealing.
The MAS has urged all customers to activate their digital tokens to protect against credential theft and financial fraud. The shift to digital tokens is expected to provide a more secure authentication method, safeguarding users from increasingly sophisticated phishing schemes.
Source: Singapore Banks to Phase Out OTPs for Online Logins Within 3 Months (thehackernews.com)