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Banks in Singapore are to phase out the use of phishing-prone One-Time Passwords (OTP) in favour of digital tokens for bank account login.
OTP was introduced in the 2000s to enhance online security. However, scammers now use advanced tactics like setting up fake bank websites to easily phish for customers’ OTP.
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The transition to a digital token-based system for mobile and web account login will happen gradually over the next three months.
Ong-Ang Ai Boon, director, Assocciation od Banks in Sinpapore, says: “This measure provides customers with further protection against unauthorised access to their bank accounts. While they may give rise to some inconvenience, such measures are necessary to help prevent scams and protect customers.”
“Phishing scams accounted for $14.2 million in stolen funds from customer accounts, according to the Singapore Police Force Annual Scams and Cybercrime Brief 2023.”
Loo Siew Yee, assistant managing director (Policy, Payments & Financial Crime), at the Monetary Authority of Singapore, comments: “MAS continues to work closely with banks to protect consumers by leaning hard against digital banking scams. This latest measure will complement good cyber hygiene practices that customers must continue to practise, such as safeguarding their banking credentials.”
Singapore bank customers will now use digital tokens instead of OTPs, which they must activate on their mobile devices.
ABS reports that 60% to 90% of customers from Singapore’s three major banks, DBS, OCBC, and UOB, have already activated their digital tokens.
“The digital token will authenticate customers’ login without the need for an OTP that scammers can steal, or trick customers into disclosing,” explains MAS.
Those who have not activated their digital tokens are strongly encouraged to do so soon to benefit from better security against phishing actors and scammers.
