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News and analysis from the markets and regulators changing how accounts and payments are protected.
Dispatch
The Central Bank of the UAE directed banks to phase out SMS and email one-time passcodes, starting in July 2025 and finishing by March 31, 2026. Banks moved customers to in-app verification in their own mobile apps.
Dispatch
Since October 7, 2024, UK payment service providers must reimburse most victims of authorized push payment scams on Faster Payments, up to £85,000 per claim, with the cost split between the sending and receiving firms.
Dispatch
Bangko Sentral ng Pilipinas Circular No. 1213 bars banks and other supervised financial institutions from using SMS or email one-time passcodes to authenticate high-risk transactions, starting June 25, 2026.
Dispatch
In July 2024 the Monetary Authority of Singapore and the Association of Banks in Singapore announced that major retail banks would phase out one-time passcodes for bank account logins by customers who have digital tokens activated on their mobile devices.