CIMB will stop using OTP or TAC and switch to SecureTAC in the first half of 2023.
In line with Bank Negara’s proposal, CIMB announced that it will discontinue One Time Authentication Code (OTP/TAC) in the first half of 2023 and will switch to SecureTAC, a more secure form of authentication.
The so-called SecureTAC means that when a user transfers or transacts with CIMB Clicks, the CIMB Clicks APP will pop up a notification of the transaction and the user will need to click to accept or decline to authorize the transaction.
In addition, CIMB is also working to implement the measure of binding a cell phone to each account, that is, after the user has bound a cell phone, all subsequent transactions need to be verified and authorized by that cell phone. If users want to use other cell phones to authorize transactions, they need to unbind the first cell phone first. This measure is expected to be implemented by the end of October.
In addition, users will need to wait at least 12 hours when they first sign up for an Internet banking account, or when they tie their bank account to a new device. This is to give users enough time to take action to remedy unexplained login activity in their bank accounts.
Not only has CIMB implemented these security measures, but Maybank and Public Bank have also issued news that they will gradually implement these measures to protect the safety of user deposits.
