Villar backs OTP phaseout, eyes stronger digital security with Afasa law

2026-03-17 - 11:11

MANILA, Philippines — Sen. Mark A. Villar welcomed the Bangko Sentral ng Pilipinas’ (BSP) directive requiring banks and financial institutions to phase out SMS one-time passwords (OTPs) and adopt stronger security measures by 30 June 2026. This is in line with the implementation of the Anti-Financial Account Scamming Act (Afasa), a law principally sponsored and