Singapore's banks to ditch texted one-time passwords
ID: de0daa8c-45fe-5016-8910-dbbbc6b1eb7d
STIX ID: report--de0daa8c-45fe-5016-8910-dbbbc6b1eb7d
Feed Name: The Register (Security)
Singapore’s MAS and ABS announced that major retail banks will phase out SMS OTPs for account logins within three months for customers who use digital tokens, moving to app-based second factors to better thwart phishing; while smartphone penetration is high (97% in 2023), concerns remain for elderly and non-smartphone users amid the phaseout of physical tokens and lower security hygiene among seniors.
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