Banking Regulation

Major Banks in Singapore to Phase Out OTPs for Digital Token Users

Main image to the post Major Banks in Singapore to Phase Out OTPs for Digital Token Users

Major banks in Singapore have announced plans to discontinue the use of one-time passwords (OTPs) for customers who utilize digital tokens when logging into their bank accounts. This change, set to take place over the next three months, is a proactive measure to safeguard customers against phishing scams, according to the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS). Unlike digital token users, customers who rely on physical tokens for authentication will not be affected by this transition.

MAS and ABS emphasized that the shift away from OTPs is intended to enhance security by introducing digital tokens as the primary method for customer authentication during logins. The move is specifically aimed at reducing the risk of scammers stealing or deceiving customers into revealing their OTPs. The two organizations urge customers who have not yet activated their digital tokens to do so promptly to benefit from the increased protection.

In response to evolving technological advancements and more sophisticated tactics employed by scammers, the traditional use of OTPs has become vulnerable to phishing attacks. MAS and ABS highlighted instances where scammers create fraudulent bank websites that closely mimic legitimate ones to trick customers into divulging their OTPs. By eliminating OTPs and promoting the adoption of digital tokens, the authorities aim to fortify the authentication process and mitigate unauthorized access to customers' accounts and funds without explicit consent.

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May 21, 2023 | 05:09