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Cybersafe October 18, 2020

One-time Passwords


Sample scam texts requesting the receiver for their OTPs under the guise of a generated bank text.

One-time passwords (OTP), simply put, are temporary passwords that are generated and sent to the bank clients as they conduct transactions online. After use, or after a certain amount of time without use, the OTP becomes invalid. 

 

OTPs add an extra layer of security. However, ways still are plenty for criminals to find out unsuspecting bank client’s OTP, especially when people fall for schemes and share it. For example, an article in a Singaporean daily previously reported that the number of reported OTP scams in Singapore quadrupled to 1,101 last year from 244 cases in 2018.

 

Given this, the public must be wary of requests to share OTPs from unverified individuals. In fact, you are not supposed to share your OTPs with anyone all of the time.

 

This content is part of the Banker’s Association of the Philippines’ (BAP) #CyberSafe campaign, where the BAP aims to promote awareness in cybersecurity. The campaign will upload new posts tackling common web security questions and issues, on Wednesdays and Sundays every week.

For more content on cybersecurity, visit the BAP Official YouTube channel.