Banks to phase out SMS one-time passwords to reduce scams
Published: Sep 26, 2022 6:47 AM | Updated: Sep 26, 2022 6:59 AM
The banking industry will stop using SMS One-Time Passwords (OTP) to verify financial transactions to stop consumers from being targeted by financial scammers.
Bank Negara Malaysia (BNM) Governor Nor Shamsiah Mohd Yunos said banks will move to a more secure form of authentication as part of the industry’s measures to combat financial scams.
“Together with the financial industry, BNM will continue to...
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