The National Bank has asked banks in the country to change the practice of sending OTP or TAC via SMS to other more secure and multi-authentication methods.
According to a message issued by the president of the National Bank, Tan Sri Norsanha, banks should switch to a more secure method of authenticating user transactions instead of relying solely on SMS to send OTPs to authenticate user transactions.
In the past, there were many cases of bank deposits being stolen in China, which made people afraid to put their deposits in their bank accounts, and people also criticized the banks and the police for doing nothing about the theft of deposits. The banks, on the other hand, blamed the users for installing software of unknown origin, which led to the interception of OTP.
In response to this the National Bank has finally taken action by speaking out and demanding that all commercial banks in the country must introduce an alternative to SMS TAC.
Several banks in China have started to gradually abandon OTP / TAC in recent years, such as Maybank, which has been trying to promote Secure2u for years and gradually expand the application of Secure2u. Hong Leong Leong has also started to promote the application of AppAuthorise, which allows users to no longer rely on SMS OTP when making transfers.
RHB also has Secure Plus, CIMB has SecureTAC, AmBank has AmSecure and Public Bank has SecureSign, all of which are designed to reduce the risk of SMS OTP being intercepted by unknown software.
Maybank: Secure2u
CIMB: SecureTAC
Hong Leong Bank: AppAuthorise
RHB: Secure Plus
AmBank: AmSecure
Public Bank: SecureSign
