Singapore Banks to Phase Out OTPs for Online Logins Within 3 Months

Retail banking institutions in Singapore have three months to phase out the use of one-time passwords (OTPs) for authentication purposes when signing into online accounts to mitigate the risk of phishing attacks. The decision was announced by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) on July 9, 2024. "Customers who have activated their digital