Banks in Singapore to phase out one-time passwords in 3 months

The Monetary Authority of Singapore will require major banks to phase out one-time passwords within three months and shift customers to mobile digital tokens, aiming to reduce phishing and other scams that exploit OTPs via fake sites, Android malware permission abuse, man-in-the-middle attacks, and SIM swapping. Google’s concurrent permission restrictions are noted, and Singapore’s major banks (DBS, OCBC, UOB) already have digital tokens activated for most customers, with OTP use expected to decline among remaining users.