Complete removal of the SMS one-time password (OTP), however, would 'limit the authentication toolkit that the banks have'. MAS_sg
Tharman said this in a written response on behalf of the Prime Minister to parliamentary questions raised by Member of Parliament for Aljunied Group Representation Constituency Gerald Giam and MP for Jurong GRC Tan Wu Meng on Wednesday .
Tan had asked if MAS will consider reviewing previously closed cases of customer disputes with banks where unauthorised transactions were reported despite one-time passwords not being divulged or received. He added that the Singapore Police Force had not found any confirmed cases of SMS OTP diversions since January 2021.
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