Singapore has set in movement an aggressive plan to retire one-time passwords (OTPs) for its retail banking clients throughout the subsequent three months.
The Financial Authority of Singapore (MAS) and the Affiliation of Banks in Singapore (ABS) stated the brand new authentication course of will make use of digital tokens in lieu of passwords as a greater option to shield in opposition to phishing assaults geared toward stealing buyer banking credentials. Banking clients will use digital tokens on their cellular units to authenticate to their accounts on cellular apps and on the banks’ web sites.
“This measure supplies clients with additional safety in opposition to unauthorized entry to their financial institution accounts. Whereas they might give rise to some inconvenience, such measures are mandatory to assist forestall scams and shield clients,” stated Ong-Ang Ai Boon, director of the ABS.
