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