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Singapore to phase out OTPs...

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RAMESH BABU N

RAMESH BABU N

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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) …


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.
 
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RAMESH BABU N said:
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) …


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.
Click to expand...

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.
 
RAMESH BABU N said:
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) …


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.
Click to expand...
Seems good tech, Hope India adopts it soon.
 
RAMESH BABU N said:
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) …


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