[Reply] BSP eyes shift away from OTPs to fight fraud

Replied to BSP eyes shift away from OTPs to fight fraud by jsampan (business.inquirer.net)

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) wants financial firms to eventually move away from one-time passwords (OTP) and instead adopt a more secure and sophisticated method of authenticating transactions to combat fraud and other financial cybercrime. During the recent media information session of the BSP, central bank Deputy Governor Elmore Capule stressed […]

OTP via SMS is very vulnerable to fraud. Time for PH banks to phase that out.