Singapore has a new requirement impacting all major retail banks in the country to phase out the use of one-time passwords (OTPs) within the next three months. This initiative was agreed upon between the government and the Association of Banks in Singapore (ABS) to protect consumers against phishing and other scams. Singapore bank customers will now use digital tokens instead of OTPs, which they must activate on their mobile devices.Customers who don’t activate digital tokens will continue to receive OTPs as before, but those are expected to be an increasingly dwindling minority. Is the use of OTPvery vulnerable swapping attacks ?
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Adoption of Digital Public Infrastructure