Banks in Singapore to phase out one-time passwords in 3 months
One-time passwords (OTPs) must be phased out over the course of the next three months, according to a new mandate released by the Monetary Authority of Singapore (MAS) and affecting all major retail banks in the nation.
The Association of Banks in Singapore (ABS) and the government came to an agreement on this endeavor to safeguard customers from phishing and other fraudulent schemes. According to the MAS release, the use of OTP was first implemented as a multi-factor authentication solution to improve internet security in the 2000s.
But since then, advances in technology and more advanced social engineering techniques have made it easier for con artists to obtain victims' OTP through phishing schemes. One such technique is to create phony bank websites that closely mimic the real o...
