{"id":4461,"date":"2024-07-15T20:00:00","date_gmt":"2024-07-16T01:00:00","guid":{"rendered":"https:\/\/www.darkreading.com\/endpoint-security\/singapore-banks-ditch-one-time-passwords"},"modified":"2024-07-15T20:00:00","modified_gmt":"2024-07-16T01:00:00","slug":"singapore-banks-ditch-one-time-passwords","status":"publish","type":"post","link":"https:\/\/ddi.mohflo.net\/index.php\/2024\/07\/15\/singapore-banks-ditch-one-time-passwords\/","title":{"rendered":"Singapore Banks Ditch One-Time Passwords"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/i0.wp.com\/eu-images.contentstack.com\/v3\/assets\/blt6d90778a997de1cd\/blt1f21baf0fe558873\/669599979508ad851dd08171\/SingaporeBank_Saranvarin_Nopsuwan_Alamy_Stock_Photo.jpg?ssl=1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?w=640&#038;ssl=1\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?w=640&#038;ssl=1\" class=\"ff-og-image-inserted\"><\/div>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\"><a class=\"ContentText-BodyTextChunk ContentText-BodyTextChunk_link\" target=\"_blank\" href=\"https:\/\/www.darkreading.com\/cybersecurity-analytics\/singapore-sets-high-bar-in-cybersecurity-preparedness\" rel=\"noopener\">Singapore<\/a><\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\"> has set in motion an aggressive plan to retire one-time passwords (OTPs) for its retail banking customers within the next three months.<\/span><\/p>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) said the new authentication process will employ digital tokens in lieu of passwords as a better way to protect against phishing attacks aimed at stealing customer banking credentials. Banking customers will use digital tokens on their mobile devices to authenticate to their accounts on mobile apps and on the banks&#8217; websites.<\/span><\/p>\n<p class=\"ContentParagraph ContentParagraph_align_left\" data-testid=\"content-paragraph\"><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">&#8220;This measure provides customers with further protection against unauthorized access to their bank accounts. While they may give rise to some inconvenience, such measures are necessary to help prevent scams and protect customers,&#8221; <\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\"><a class=\"ContentText-BodyTextChunk ContentText-BodyTextChunk_link\" target=\"_blank\" href=\"https:\/\/www.mas.gov.sg\/news\/media-releases\/2024\/banks-in-singapore-to-strengthen-resilience-against-phishing-scams\" rel=\"noopener\">said Ong-Ang Ai Boon<\/a><\/span><span class=\"ContentText ContentText_variant_bodyNormal\" data-testid=\"content-text\">, director of the ABS.<\/span><\/p>\n<p><a href=\"https:\/\/www.darkreading.com\/endpoint-security\/singapore-banks-ditch-one-time-passwords\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore has set in motion an aggressive plan to retire<\/p>\n","protected":false},"author":12,"featured_media":4462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[809],"class_list":["post-4461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-dark-reading"],"featured_image_urls":{"full":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?fit=1800%2C1200&ssl=1",1800,1200,false],"thumbnail":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?resize=150%2C150&ssl=1",150,150,true],"medium":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?fit=300%2C200&ssl=1",300,200,true],"medium_large":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?fit=640%2C427&ssl=1",640,427,true],"large":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?fit=640%2C427&ssl=1",640,427,true],"1536x1536":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?fit=1536%2C1024&ssl=1",1536,1024,true],"2048x2048":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?fit=1800%2C1200&ssl=1",1800,1200,true],"chromenews-featured":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?fit=1024%2C683&ssl=1",1024,683,true],"chromenews-large":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?resize=825%2C575&ssl=1",825,575,true],"chromenews-medium":["https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?resize=590%2C410&ssl=1",590,410,true]},"author_info":{"display_name":"Dark Reading","author_link":"https:\/\/ddi.mohflo.net\/index.php\/author\/darkreading\/"},"category_info":"<a href=\"https:\/\/ddi.mohflo.net\/index.php\/category\/uncategorized\/\" rel=\"category tag\">Uncategorized<\/a>","tag_info":"Uncategorized","comment_count":"0","jetpack_featured_media_url":"https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/07\/singapore-banks-ditch-one-time-passwords.jpg?fit=1800%2C1200&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts\/4461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/comments?post=4461"}],"version-history":[{"count":0,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts\/4461\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/media\/4462"}],"wp:attachment":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/media?parent=4461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/categories?post=4461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/tags?post=4461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}