Banks move away from SMS OTPs in favour of app-based authentication methods

BANKS are pushing customers away from the less secure authentication method of SMS One-Time Passwords (OTPs), and promoting app-based methods instead.

They stopped short of phasing out SMS OTPs completely, though.

This comes as the Monetary Authority of Singapore (MAS) has required banks to phase out SMS OTPs as a sole factor to authenticate high-risk transactions, such as adding payees and changing fund transfer limits.