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BDO Securities to shut down OTP Generator, will only accept SMS

Abe Olandres January 26, 2022 · 1 min read

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BDO Securities (formerly BDO Nomura) has sent out an urgent email alert to all customers that starting January 30, 2022, it will no longer allow the use of OTP Generator for Desktop and Mobile App. Instead, only the One-Time Password via SMS will be accepted when logging into the online accounts (BDO Securities account).

BDO is requesting customers to update their mobile phone numbers registered with the bank so the OTP will be properly sent during the login process. The OTP Generator in the app will still be there but BDO says to disregard it.

This recent move by BDO to disable the OTP Generator could be attributed to the recent hacking incident with BDO online customers.

Just last week, 5 suspects were arrested by the NBI regarding this incident. It is possible that the suspects identified the flaw in BDO’s security system and pointed to the OTP Generator as the weak point, prompting BDO to issue this statement.

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Abe Olandres

Editor-in-chief

Abe is the founder and Editor-in-Chief of YugaTech with over 20 years of experience in the technology industry. He is one of the pioneers of blogging in the country and considered by many as the Father of Tech Blogging in the Philippines. He is also a technology consultant, a tech columnist with several national publications, resource speaker and mentor/advisor to several start-up companies.

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