Singapore has set in motion an aggressive plan to retire one-time passwords (OTPs) for its retail banking customers within the next three months.
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) said the new authentication process will employ digital tokens in lieu of passwords as a better way to protect against phishing attacks aimed at stealing customer banking credentials. Banking customers will use digital tokens on their mobile devices to authenticate to their accounts on mobile apps and on the banks’ websites.
“This measure provides customers with further protection against unauthorized access to their bank accounts. While they may give rise to some inconvenience, such measures are necessary to help prevent scams and protect customers,” said Ong-Ang Ai Boon, director of the ABS.
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