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These banks to retire one-time passwords for customers with digital tokens
The move to phase out OTP authentication is part of efforts by Singapore financial institutions to safeguard against phishing.
hirun/Getty ImagesThree major retail banks in Singapore are slated to retire the use of one-time passwords (OTPs) for customers who have digital tokens, in a move that aims to combat phishing scams. OTPs were launched in Singapore in the 2000s as an MFA ( multi-factor authentication) option, but social engineering tactics since then have grown more sophisticated alongside technological advancements. The police force works with various institutions, including fintech companies and cryptocurrency platforms, via its Anti-Scam Command office to freeze accounts and recover funds to reduce losses.
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