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  - WN.COM - Business - 24/Jul 12:36

Countries phasing out SMS OTPs for online banking security

Dubai: As cyber threats grow more sophisticated, countries are moving away from SMS and email-based one-time passwords (OTPs) in favour of more secure, app-based and biometric authentication methods. The UAE is the latest to announce such a shift, with banks set to stop sending OTPs via SMS and email starting July 25. Here’s a look at which countries have already implemented or announced plans to end SMS OTPs, and what changes customers can expect. UAE In a major move to enhance digital banking security, banks in the UAE will begin phasing out OTPs sent via SMS and email starting Friday, July 25. Under new UAE Central Bank guidelines, all financial institutions must shift to app-based...

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