Tan Kin Lian - Investment Journey Use biometric verification or physical token
The MAS and the banks have introduced many measures to deal with the hacking of online bank accounts by scammers, but these measures are not effective. 

Many online bank accounts continue to be hacked, and million of dollars are being stolen every month. 

In my case, my bank accounts are protected because I use fingerprint verification to log into my account, instead of OTP sent by SMS.  I think that this is the best way to protect the online bank accounts.

I suggest that all banks should insist on the use of biometric verification, namely fingerprint or facial recognition, or a separate physical token. They should not allow verification by OTP. 

This may cause an initial inconvenience to the bank customers who are not familiar with the biometric verification. They can go to the bank to be instructed on how to set it up, or they can get a friend or family member to assist them. After the biometric verification is set up, the risk should disappear. 

The scammer will not be able to access the online bank account, even if they have obtained the login credentials through hacking, because they do not have the biometric access. 

Tan Kin Lian

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