#sms otp

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. 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. GCash is set to roll out in-app one-time passwords (OTPs) beginning June 22, replacing traditional SMS-based verification codes as part of efforts to strengthen account security and combat online fraud. The move comes ahead of the Bangko Sentral ng Pilipinas’ June 30 deadline requiring financial institutions to phase out SMS OTPs under the Anti-Financial Account Scamming Act (AFASA). Read more in our articles including "BDO Securities to shut down OTP Generator, will only accept SMS" and "GCash to replace SMS OTPs with In-App Authentication".