Within the next three months, customers who have activated their digital token on their mobile device will have to use their digital tokens for bank account logins via the browser or the mobile banking app.
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced that within the next three months, major retail banks in Singapore will progressively phase out the use of one-time passwords (OTPs) for bank account login by customers who are digital token users.
While OTPs were introduced in the 2000s as a multi-factor authentication option to strengthen online security, technological developments and sophisticated social engineering tactics have since enabled scammers to more easily phish for customers’ OTPs, such as through the use of bank websites that closely resemble genuine websites.
