#MAS

Singapore Banks Ditch One-Time Passwords

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July 15, 2024 at 09:04PM Singapore is implementing an initiative to phase out one-time passwords (OTPs) for retail banking customers in three months. The new authentication process will use digital tokens instead of passwords, aiming to enhance protection against phishing attacks. The measure, supported by MAS and ABS, aims to prevent scams and safeguard customer … Read more

Banks in Singapore to phase out one-time passwords in 3 months

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July 14, 2024 at 11:37AM The Monetary Authority of Singapore (MAS) has mandated major retail banks to phase out the use of one-time passwords (OTPs) within three months, in response to increasing phishing and scam threats. Instead, customers will use digital tokens on their mobile devices for enhanced security. Those who haven’t activated digital tokens … Read more