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MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) wants financial firms to eventually move away from one-time passwords (OTP) and instead adopt a more secure and sophisticated method of authenticating transactions to combat fraud and other financial cybercrime.
During the recent media information session of the BSP, central bank Deputy Governor Elmore Capule stressed the need to make authorization processes for fund transfers “future proof” to prevent financial criminals from keeping up.
Article continues after this advertisementREAD: BSP ramps up efforts vs fraud, cybercrime
FEATURED STORIES BUSINESS US tariffs: A blow to the world economy BUSINESS Mixed fuel price adjustments set on Tuesday, February 4 BUSINESS Trump’s proposed universal tariffs cast uncertainty on PH’s exports“You know how technology is. If you say that what we have right now is efficient, then by next week or next year, it may no longer be,” Capule told reporters.
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“What we are saying is that we are encouraging the banks to go on a higher level of protection. While what we have now is maybe sufficient for now, we want them to continually upgrade,” he added.
Article continues after this advertisement PhishingThe plan would place the Philippines together with other countries that have abandoned OTPs.
Article continues after this advertisementLast year, major retail banks in Singapore phased out OTPs to better protect consumers against phishing.
Article continues after this advertisementThis, as technological developments and more sophisticated social engineering tactics have enabled scammers to more easily phish for customers’ OTP.
And the BSP has already laid the groundwork for the upcoming transition.
Article continues after this advertisementThe central bank is currently soliciting the industry’s feedback on a draft circular that would require banks and nonbanks to adopt an “aggressive security posture” against financial cybercrimes. Among the safeguards being proposed by the regulator is the limitation on the use of OTPs and other “interceptable” authentication mechanisms.
That said, the central bank wanted regulated entities –– especially those engaged in “complex” digital products and services –– to put in “stronger” authentication processes that are both secure and convenient. Among the examples is the use of biometrics via fingerprint scanning, as well as facial and voice recognition.
The plan to ditch OTPs is part of the BSP’s active effort to fight fraud with the enactment of the Anti-Financial Account Scamming Act (Afasa). The law not only prohibits and punishes financial cybercrimes but also compels regulated entities to employ adequate risk and fraud management systems.
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Capule, one of the brains behind Afasa, said there will be a transition period for the shift away from OTPs.
“We have a consultation with the industry on exactly how long they think they can transitionmcw casino,” he said. INQ
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