News & Reviews: otp
Sep 29, 2022
Following the directive by Bank Negara Malaysia (BNM) to move away from OTP to more secure authentication, CIMB Group has announced that it will cease the use of OTP by the first half of 2023. Instead, the bank will only use its SecureTAC for customers’ online banking authentication moving forward.
Sep 28, 2022
Previously, we reported that Bank Negara Malaysia (BNM) told banks in our country to migrate from OTP to more secure authentication. Today, Malayan Banking Bhd (Maybank) has pledged its commitment to the call and will fully replace OTP via SMS with its Secure2u authentication system by June 2023.
BNM: Banks must migrate from OTPs to more secure authentication and implement measures to prevent online scamsSep 26, 2022
Bank Negara Malaysia (BNM) today instructed banks and financial institutions in the country to stop using SMS one-time passwords (OTPs) and instead migrate to more secure authentication methods for all relevant online transactions and activities. Moreover, BNM also told banks to provide more convenient ways for customers to suspend their accounts as well as immediately alert customers when any fraudulent transactions were detected on their accounts.
Apr 12, 2022
The Federal Government is set to launch a new residential property financing initiative called ‘i-Biaya’ this Thursday (14 April 2022) which will review the existing housing financial model in our country. With i-Biaya, new methods will be used to determine loan applicants’ eligibility, including their credit or digital footprint.
The initiative, part of the Malaysian Family Homeownership Programme (HOPE) seeks to improve home ownership among the B40 and M40 income groups in our country. Currently, many potential buyers could not own a house despite having a steady income due to them working in the gig economy sector or are self-employed, such as petty traders with no payslip.
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