Is OTP being phased out?
One-Time Passwords (OTPs) delivered via SMS text messages are gradually being phased out or restricted by financial institutions, regulatory bodies, and digital platforms in favor of more secure authentication methods. Because traditional SMS channels are increasingly vulnerable to sophisticated cyber threats such as SIM-swapping, interception, and phishing attacks, security frameworks are transitioning toward hardware keys, push notifications, and dedicated mobile app digital tokens. However, while SMS OTP usage is declining for sensitive personal accounts, alternative types of multi-factor authentication codes remain widely utilized globally.
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