Main retail banks in Singapore will progressively part out One-Time Passwords (OTPs) for digital token customers over the subsequent three months.
Introduced by the Financial Authority of Singapore (MAS) and the Affiliation of Banks in Singapore (ABS), this transfer goals to higher defend prospects from phishing scams.
Phishing scams had been among the many prime 5 rip-off varieties final yr, with a minimum of S$14.2 million misplaced to those scams, based on the Singapore Police Power Annual Scams and Cybercrime Transient 2023.
Clients with activated digital tokens on their cell units might want to use these tokens for logging into their financial institution accounts by way of browser or cell app.
The digital token will authenticate logins with out requiring an OTP, which could be stolen or tricked from prospects by scammers.
Those that haven’t but activated their digital tokens are inspired to take action to cut back the chance of credential phishing.
OTPs had been launched within the 2000s as a multi-factor authentication methodology to boost on-line safety.
Nevertheless, developments in expertise and complex social engineering ways have made it simpler for scammers to phish for OTPs, comparable to by establishing faux financial institution web sites.
The brand new measure goals to strengthen the authentication course of, making it tougher for scammers to entry accounts with out express authorisation by way of a cell gadget.
Phishing scams stay a big concern in Singapore, with banks, MAS, and the Singapore Police Power repeatedly working collectively to develop and implement measures to fight the evolving rip-off panorama.
Ong-Ang Ai Boon
Ong-Ang Ai Boon, Director, ABS, mentioned,
“This measure supplies prospects with additional safety in opposition to unauthorised entry to their financial institution accounts.
Whereas they could give rise to some inconvenience, such measures are obligatory to assist forestall scams and defend prospects.”
Bathroom Siew Yee
Bathroom Siew Yee, Assistant Managing Director (Coverage, Funds & Monetary Crime), MAS, mentioned,
“MAS continues to work intently with banks to guard customers by leaning onerous in opposition to digital banking scams.
This newest measure will complement good cyber hygiene practices that prospects should proceed to practise, comparable to safeguarding their banking credentials.”
Featured picture credit score: Edited from Freepik
