The Bangko Sentral ng Pilipinas (BSP) is considering the removal of one-time passwords (OTP) for digital bank transactions, citing security concerns and evolving technology, according to ABS-CBN News.
One-Time Passwords for online and digital banking are typically sent via SMS, email, or generated by an app. With the increase of scamming and fraudulent acts in the Philippines, these one-time passwords provide an extra layer of security.
BSP Deputy Governor Elmore Capule said one-time passwords are becoming less effective as fraudsters find ways to exploit them. In response, the Bangko Sentral ng Pilipinas (BSP) is exploring new technologies to enhance security in digital bank transactions.
With that, the BSP Deputy thinks banks should also help in exploring more advanced security measures, such as biometrics and behavioral authentication, to ensure future-proof digital transactions.
Despite this, Capule ensures that one-time passwords will not be removed immediately and that there is no definite timeline yet for the removal of OTPs
Source: ABS-CBN News
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