CIMB Bank Berhad and CIMB Islamic Bank Berhad announced today that they will fully migrate to the SecureTAC transaction verification system to replace the SMS OTP system by the first half of 2023. This is to follow Bank Negara Malaysia's request that banks stop using the SMS OTP system which is a weak point various cases of banking scams that have happened lately.
According to CIMB, the SecureTAC system has been provided to users since 2018 through the CIMB Clicks application for fund transfer activities, payments, and changes to application and account settings. OTC SMS is only used as a second option for customers who do not use the CIMB Clicks application and FPX transactions.
CIMB is now recommending customers to download the Clicks application to increase security when doing their banking transactions. With this, CIMB becomes the second bank after Maybank that will no longer use the SMS OTP system.
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