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While some organizations are still implementing the simplest MFA methods, such as one-time SMS codes, the compact and highly digitized Singapore financial sector is already abandoning them. The financial regulator (MAS) said that in the near future, most customers who have already switched to digital tokens will log in to banking systems only with their help, and the OTP option will be disabled for them.
Digital tokens are essentially a function of a banking application that allows you to perform password-free authentication, additionally confirmed by biometric verification on your smartphone. Singapore's largest banks have been implementing digital tokens since 2021, when some of them stopped issuing physical tokens to retail customers. Now digital tokens are becoming the main authentication method, replacing less secure methods like SMS. First, they were implemented to confirm high-risk transactions like direct money transfers, and now it's time to log in to banking services.
• Source: https://www.channelnewsasia.com/sin...s-login-phishing-scams-digital-tokens-4466786
Digital tokens are essentially a function of a banking application that allows you to perform password-free authentication, additionally confirmed by biometric verification on your smartphone. Singapore's largest banks have been implementing digital tokens since 2021, when some of them stopped issuing physical tokens to retail customers. Now digital tokens are becoming the main authentication method, replacing less secure methods like SMS. First, they were implemented to confirm high-risk transactions like direct money transfers, and now it's time to log in to banking services.
• Source: https://www.channelnewsasia.com/sin...s-login-phishing-scams-digital-tokens-4466786
