Will the Malaysia Bank Still Using The SMS to Authentication Tour Transaction?

While SMS-based OTP authentication has been a common method used by banks and other financial institutions for a long time, there is a growing concern around the security risks associated with this approach. This is because SMS messages can be intercepted, spoofed, or forwarded to a different number, making it easier for cybercriminals to bypass the authentication process and gain access to a user's account.

As a result, there is a trend towards moving away from SMS-based OTPs towards more secure and reliable forms of authentication, such as mobile apps that generate time-based OTPs or hardware security keys. These alternatives provide a higher level of security, as they are less vulnerable to phishing attacks, SIM swapping, and other forms of fraud that exploit the weaknesses of SMS-based authentication.

That being said, it may take some time for banks and other financial institutions to fully transition away from SMS-based OTPs, as this method is still widely used and recognized by many users. However, the trend towards more secure forms of authentication is likely to continue, as the risk of cyber attacks and data breaches continues to grow.