“Many banks are using SMS OTP, the one-time password by SMS. This is authentication process is common in digital banks in the Philippines.Įdward Law, CEO and executive director of Securemetric, bared that OTP is no longer secure because text messages can now be easily compromised by malware.

These include cybersecurity trends, threats, and best practices in digital banking.Īmong the new threats seen is the lack of security in one-time passwords (OTP) being delivered or sent via short messaging services (SMS). Photo of Deval Sheth, managing director of Utimaco Asia Pacific, and Edward Law, CEO and executive director of Securemetric during the forum for digital banking infrastructure in the Philippines on Ma(Released) Topics related to digital banking in the world and in the Philippines were discussed with reporters and other stakeholders at the forum in Makati City on March 15. Representatives from Utimaco, a cybersecurity firm, and Securemetric, an IT service provider, explained this in a forum about the top cybersecurity threats in digital banking in the Philippines. Data security experts revealed that the use of one-time passwords (OTP), which are common in online transactions, is no longer as effective as before.

Secure delete