by Fintech Information Singapore
July 9, 2024
Main retail banks in Singapore will progressively part out One-Time Passwords (OTPs) for digital token customers over the following 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, in accordance with the Singapore Police Drive Annual Scams and Cybercrime Transient 2023.
Prospects with activated digital tokens on their cellular units might want to use these tokens for logging into their financial institution accounts through browser or cellular app.
The digital token will authenticate logins with out requiring an OTP, which may 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 danger of credential phishing.
OTPs had been launched within the 2000s as a multi-factor authentication methodology to reinforce on-line safety.
Nevertheless, developments in expertise and complex social engineering techniques have made it simpler for scammers to phish for OTPs, resembling by organising 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 specific authorisation through a cellular gadget.
Phishing scams stay a major concern in Singapore, with banks, MAS, and the Singapore Police Drive 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, stated,
“This measure gives prospects with additional safety towards 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.”
Lavatory Siew Yee
Lavatory Siew Yee, Assistant Managing Director (Coverage, Funds & Monetary Crime), MAS, stated,
“MAS continues to work carefully with banks to guard customers by leaning onerous towards digital banking scams.
This newest measure will complement good cyber hygiene practices that prospects should proceed to practise, resembling safeguarding their banking credentials.”
Featured picture credit score: Edited from Freepik
