Now you will say goodbye to SMS OTP soon, know how to work the payment verification system now

Dubai banks will abolish the OTP system sent via SMS or E -mail. Instead, people should use their bank’s mobile app to approve or reject digital transactions. All banks of the United Arab Emirates (UAE) gradually take this change, and the time limit is 31 March 2026, that is, by this time all banks will have to stop using SMS and e -mail for transaction verification. This command was given by the Central Bank of the UAE. Why is this change brought? In light of the increasing cases of cyber attacks in the banking system, this change is brought to strengthen security and reduce the risk of fraud. Cyber thugs use this OTP for everything, from fishing and sim swap to ransomware. According to the local news store Al-Uom, based on the instructions of the Central Bank of the UAE, the central bank told banks that the facility to send passwords via text messages or emails is gradually discontinued. Customers can now easily make electronic transactions via smart applications by selecting “Certification” facility by “mobile application”. According to the UAE Cyber Security Council, there are more than 50,000 cyber attacks per day by public sector organizations. According to the UAE Cyber Security officials, Ransomware attacks will increase by 32 percent in 2024. Rainmware incidents have also increased from 27 in 2023 to 34 in January-November 2024. In general, these two things are needed for clients, now that you do digital transactions, an information will appear on your bank app. In this, you will be asked to approve or reject the transaction so that the bank app must be installed in the phone and information should start. Cyber criminals adopt different tactics, such as fishing, sim swap or malware to chop the OTP. Users know the code many times by accident, whereby the account is immediately emptied or the money is transferred abroad. Share this story -tags