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In particular, Cybersecurity service provider LGMS Berhad chairman Fong Choong Fook told local media theSun that “New versions of software are now able to read one-time passwords and they can even delete the SMS sent by banks, leading (victims) to believe they were not given any notification before fund transfers.” To put into context how severe SMS OTP scams are, cybersecurity experts have warned that scammers have new tools in their arsenal that can get around bank security systems. In Malaysia, one-time password (OTP) theft particularly has been on the rise, and to fight that, the country’s central bank, Bank Negara Malaysia (BNM), is urging financial institutions to ditch SMS OTP altogether, for a more secure authentication method.

The central bank urges financial institutions to adopt more secure authentication methods to curb financial scams.īank scams are not a new phenomena - the world has been grappling with it for years, but the pandemic has definitely led to an explosion in such crimes.

Bank Negara Malaysia has instructed financial institutions to stop using SMS OTP as a form of authentication for online activities or transactions.