Major retail banks in Singapore will phase out OTPs for digital token users in 3 months, replacing them with digital tokens for login authentication, as announced by MAS and ABS.
Major retail banks in Singapore will phase out one-time passwords (OTPs) for account login by digital token users in the next three months, as announced by MAS and ABS. The move aims to better protect customers against phishing attacks, with digital tokens used for login authentication instead. This measure strengthens the authentication process, making it harder for scammers to access customer accounts without explicit authorization.
July 09, 2024
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