Singapore to phase out OTPs...

[RAMESH BABU N]

The Monetary Authority of Singapore (MAS) has announced a new requirement impacting all major retail banks in the country to phase out the use of one-time passwords (OTPs) …

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

The Monetary Authority of Singapore (MAS) has announced a new requirement impacting all major retail banks in the country to phase out the use of one-time passwords (OTPs) within the next three months.

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I remember using a DIGITAL TOKEN DEVICE by HSBC, to generate my own OTP (then known as security approval code) for my SB and Credit Card with them - almost 25 years back.

SBI has a SECURE OTP App thru which customers can generate their own OTP.

 

[Tejo]

Axis too giving similar physical one.

I don't think same in bharat.

 

[Trust Me]

Axis too giving similar physical one.

IIRC, it's not free. Don't know about others.

But why OTPs need to be phased out? Any issues?
.

 

[phoenix1386]

The Monetary Authority of Singapore (MAS) has announced a new requirement impacting all major retail banks in the country to phase out the use of one-time passwords (OTPs) …

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

The Monetary Authority of Singapore (MAS) has announced a new requirement impacting all major retail banks in the country to phase out the use of one-time passwords (OTPs) within the next three months.

search.app

I remember using a DIGITAL TOKEN DEVICE by HSBC, to generate my own OTP (then known as security approval code) for my SB and Credit Card with them - almost 25 years back.

SBI has a SECURE OTP App thru which customers can generate their own OTP.

Oh yeah.. HSBC’s token device was then replaced by codes within app.

I believe OTPs were made mandatory just to help telecom sector. For me, they’re a nuisance that I’d be happy to get rid of.

 

[coolguy1]

OTPs aren't as safe as they used to be.

Singapore leading the charge as always in tech.
Amex launched something similar a while back but seems like they've taken it back and gone back to OTPs.

 

[Wealth is my birth right!]

Better if India too rollover this but telecom companies will lose revenue

 

[BVCBVC is verified member.]

The Monetary Authority of Singapore (MAS) has announced a new requirement impacting all major retail banks in the country to phase out the use of one-time passwords (OTPs) …

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

The Monetary Authority of Singapore (MAS) has announced a new requirement impacting all major retail banks in the country to phase out the use of one-time passwords (OTPs) within the next three months.

search.app

I remember using a DIGITAL TOKEN DEVICE by HSBC, to generate my own OTP (then known as security approval code) for my SB and Credit Card with them - almost 25 years back.

SBI has a SECURE OTP App thru which customers can generate their own OTP.

Seems good tech, Hope India adopts it soon.

 

[350modena]

The Monetary Authority of Singapore (MAS) has announced a new requirement impacting all major retail banks in the country to phase out the use of one-time passwords (OTPs) …

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

The Monetary Authority of Singapore (MAS) has announced a new requirement impacting all major retail banks in the country to phase out the use of one-time passwords (OTPs) within the next three months.

search.app

I remember using a DIGITAL TOKEN DEVICE by HSBC, to generate my own OTP (then known as security approval code) for my SB and Credit Card with them - almost 25 years back.

SBI has a SECURE OTP App thru which customers can generate their own OTP.

I remember those too... I used to think it's cool to have such a digital token device !

The wholesale banking app of HDFC (for corporate use) has an app that generates a digital token, so I guess if banks want to do this for non corporate customers, it wouldn't be so tough to implement.

 

[percolate]

It would be great if banks can integrate with 2FA apps like Google Authenticator or Microsoft Authenticator. This way, we can use one app for all banks and it doesn't need internet to generate OTPs.

 

[Batmanbaba]

I think they haven't heard there are two very good places on this earth....

Jamtara, Jharkhand and nalanda, bihar

 

[plastikman]

Instead of requiring physical paperwork for even the minutest of purpose, banks should start accepting eSign / DSC which are validated by aadhaar.

 

[CosmicCat]

Although TOTP-based authentication is more secure, but one of the major problems with it is, once your device is lost or reset, you can no longer get the TOTP code for your bank's second-factor authentication; The token has to be generated again.

Also, it's not really a convenient thing if you keep changing your devices.

 

[Sanskar]

SBI has a SECURE OTP App thru which customers can generate their own OTP.

I would love to know more about it

 

[Sanskar]

It would be great if banks can integrate with 2FA apps like Google Authenticator or Microsoft Authenticator. This way, we can use one app for all banks and it doesn't need internet to generate OTPs.

Passkey will be more secure and convenient

 

[vine]

TOTPs integrated using apps like Microsoft Authenticator and Google Authenticator (no need to backup) are the absolute need of the hour.
OTPs have become the scammiest part of banking services.
Most employers/companies have made it mandatory and all password managers already support them.

I actually use an open source authenticator app with backups every week in case the device gets replaced.

 

[soleja1]

Otps are important but a little annoying

 

[HumorSimpson]

Better if India too rollover this but telecom companies will lose revenue

Imagine Fintos having 10s of CCs, and how will they manage those 10s of devices.

 

[vine]

Imagine Fintos having 10s of CCs, and how will they manage those 10s of devices.

If you mean, a physical token device. That's not a feasible option.
Many software token are already available since many years.
I use open source Aegis and keepass/X.
Most people use Microsoft Authenticator and Google Authenticator and Authy , etc which are good enough.

 

[cardy]

Better if India too rollover this but telecom companies will lose revenue

Telcos in india has became a headache

 

[EternallyHopeful]

When it comes to India, Singapore and other countries will have moved to newer technologies and better solutions.