Banks to phase out SMS one-time passwords to reduce scams

The banking industry will stop using SMS One-Time Passwords (OTP) to verify financial transactions to stop consumers from being targeted by financial scammers.

Bank Negara Malaysia (BNM) Governor Nor Shamsiah Mohd Yunos said banks will move to a more secure form of authentication as part of the industry’s measures to combat financial scams.

“Together with the financial industry, BNM will continue to...