Singapore – In a concerted effort to counter phishing, the Monetary Authority of Singapore (MAS), along with the Association of Banks in Singapore (ABS), has recently announced that the country’s major retail banks will gradually eliminate the use of one-time passwords for logging into bank accounts by customers who use digital tokens over the next three months.
Through the initiative, activation of the digital token on their mobile device encourages users to use it for logging into their bank accounts via the browser or the mobile banking app. This authentication method allows customers to login without having OTPs that scammers can steal or deceive customers into disclosing.
Meanwhile, customers who have not activated their digital tokens are highly advised to do so to mitigate the risk of phishing attempts targeting their account information.
The said solution further enhances authentication security, which makes it difficult for scammers to gain unauthorised access to a customer’s account and funds without explicit authorisation via their mobile device.
Ong-Ang Ai Boon, director at ABS, stated, “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.”
Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, further shared, “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 practice, such as safeguarding their banking credentials.”
