News & Reviews:   otp

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.

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.

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.