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
July 15, 2024 at 04:27AM In Singapore, retail banks must eliminate one-time passwords (OTPs) for online authentication within three months to combat phishing. The Monetary Authority of Singapore and The Association of Banks in Singapore made the decision. With a rise in scams, customers are urged to activate digital tokens to protect against unauthorized account … Read more
July 11, 2024 at 11:35PM Singapore will phase out one-time passwords (OTPs) for bank logins and move to digital tokens within three months. This change aims to improve protection against phishing attacks. While smartphone ownership is high, concerns remain about accessibility for groups such as the elderly. The shift reflects global trends in digital banking … Read more