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Published: Sunday August 10, 2014 MYT 12:00:00 AM
Updated: Sunday August 10, 2014 MYT 7:27:00 AM

Banks to use ‘one-time password’

BANKS will soon be required to use a one-time password (OTP) when applying for licences, grants or tax incentives with the Monetary Authority of Singapore (MAS).

The authority’s secured Masnet website and e-mail service for communicating with banks and brokerages here is slated for a security upgrade.

The boost comes as government agencies tighten security – for instance by making OTPs compulsory for e-transactions involving sensitive data – in the wake of June’s SingPass breaches.

OTPs are randomly generated on a name card-size token or sent via SMS.

It is entered on websites in addition to the usual user name and password in a process called two-factor authentication (2FA).

MAS said it wants to introduce 2FA to Masnet users “to continuously strengthen security by aligning with best practices and MAS’ risk guidelines”. — The Straits Times / Asia News Network

Tags / Keywords: Regional, world

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