Ditching passwords, rethinking cybersecurity

Andrew Shikiar

OUR current methods of authentication are no longer fit for today’s digital landscape. Take the phishing scams that targeted OCBC bank customers in late 2021 for example. Hackers could bypass the bank’s security protocols and drain over S$13 million from the accounts of unsuspecting victims. 

The debacle threw banks’ cybersecurity into the spotlight and sent shockwaves not only in Singapore but also throughout the region. As a result, people began to question if their financial institutions’ security systems are truly as airtight as they seem. It also caused many to rethink legacy authentication methods like SMS, one-time passwords (OTPs), codes and passwords.