To prevent consumers from being targeted by financial scammers, Bank Negara Malaysia has urged the banking industry to discontinue the use of SMS One-Time Passwords or OTP to verify financial transactions.
BNM Governor Nor Shamsiah Mohd Yunos stated that banks will transition to a more secure form of authentication rather than the OTP as part of the industry’s efforts to combat financial fraud.
“Together with the financial industry, BNM will continue to ensure that banking and payment channels remain secure and equipped with the latest security controls,” she says during the launch of the BNM Museum and Art Gallery virtual exhibition on financial crimes.
