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Banks Cyber Security: In Dubai, banks will abolish the OTP system sent via SMS or email. Instead, people have to use their bank’s mobile app to approve or reject digital transactions.
Gradually, this change is being adopted in all the banks of the United Arab Emirates and its deadline is March 31, 2026 i.e. by this time all banks will have to stop using SMS and email for transaction authentication. This instruction has been given by the Central Bank of UAE.
Why this change is being brought?
This change is being brought to strengthen security and reduce the risk of fraud as cyber attack cases are constantly increasing in the banking system. Cyber thugs use this OTP from fishing and sim-swapping to ransomware.
According to the Local News Outlet Building al-Eom, banks have been asked by the Central Bank, based on the instructions of the Central Bank of the UAE, the work of sending passwords via text messages or email will gradually stop. Customers will now be able to easily do electronic transactions through smart applications by choosing ‘Authority via Mobile Application Feature’.
According to the UAE Cyber Security Council, more than 50,000 cyber attacks occur every day from public sector institutions. According to UAE cyber security officials, in 2024, there has been a bounce of 32 percent in ransomware attacks. The incidents of ransomware also increased from 27 in 2023 to 34 in January-November of 2024.
These two tasks are necessary for customers
Overall, when you do digital transactions now, the notification will come on your bank app. In this, you will be asked to approve or reject the transaction, so it is necessary for the bank app to be installed on the phone and the turn on the notification.
Cyber criminals adopt all tactics like fishing, sim-swapping or malware to hijack OTP. Many times users know the code to scammers inadvertently, due to which the account is empty on sight or money is transferred abroad.
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