‘Obsolete’ OTPs? Bangko Sentral urges shift to more secure authentication methods

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The Bangko Sentral ng Pilipinas urges banks to future-proof its security systems as one-time passwords or OTPs may become obsolete in the future.  Full story: https://www.rappler.com/business/bangko-sentral-pilipinas-urges-banks-shift-more-secure-authentication-methods/

Transcript

00:00The Banco Central ng Pilipinas urges banks to future-proof its security systems as one-time

00:06passwords or OTPs may become obsolete in the future.

00:10BSP Deputy Governor Elmore Capule says upgrading the systems will prevent clients from being

00:15defrauded.

00:16He adds the BSP will assess the upgrades depending on the type of bank, as some banks, such as

00:20rural or thrift banks, may be satisfied with OTPs, while digital banks need a more robust

00:26and advanced system.

00:27Capule did not name specific alternatives for authentication, but mentioned methods

00:31such as passwordless authentication.

00:34Neighboring central banks, such as Singapore's Monetary Authority, have begun gradually phasing

00:38out OTPs for bank account logins as local cases of financial scams rise.

00:43In 2024 alone, the Philippine Cybercrime Investigation and Coordinating Center received over 10,000

00:49scam complaints, with victims losing about P198 million.

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