Mr Gerald Giam Yean Song (Aljunied): Just a very quick supplementary question. When is MAS going to require the banks to use more secure methods besides SMS OTP, for example, using the app-based OTPs?
Mr Alvin Tan: The short answer is that MAS is working with the banks on a variety of authentication measures, including SMS OTP, and they are experimenting with different users as the technology evolves.
Prime Minister’s Office
8 May 2023
https://sprs.parl.gov.sg/search/#/sprs3topic?reportid=oral-answer-3225
Office of the Leader of the Opposition 