In the future, banks might start mandating multi-factor authentication for all transactions.
Bank Negara is requesting that local banks abandon the practise of delivering OTP or TAC by SMS in favour of other multi-factor authentication procedures that are more secure.
Tan Sri Nor Shamsiah, the president of Bank Negara, said in a statement that banks should stop depending solely on SMS to provide OTP to verify customer transactions and instead move to a more secure method.
People used to be afraid to deposit money in bank accounts because of the frequent occurrences of bank deposit theft in our nation. The bank claims that individuals installed software of unknown origin on their own volition, which caused OTP to be intercepted.
In recent years, a lot of domestic banks have started to gradually stop using OTP. For instance, Maybank has been putting up a lot of effort to advertise Secure2u and gradually broaden the applicability of Secure2u. To eliminate the need for SMS OTP while conducting transfers, Hong Leong Leong also began to promote the AppAuthorise app.
Secure Plus and SecureTAC are both offered by RHB and CIMB. These programmes are made to lessen the possibility of SMS OTP being intercepted by unidentified software.
Users can now take precautions by avoiding downloading and installing software from unknown sources, staying away from odd websites, and occasionally checking their bank accounts. They should notify the police and banks right away if they discover that their deposits have been taken.
