Visa Targets SMS One Time Payment Vulnerabilities in Australia with New Security Mandate
Monday, December 16, 2024
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Posted by: Sierra Lindemann
Visa is phasing out SMS One-Time Passwords (OTPs) as the sole authentication method for Australian financial institutions by October 2026, citing the growing threat of AI-driven fraud. With Australians losing $2.7 billion to scams in 2022, Visa’s new Security Roadmap mandates advanced authentication options like biometrics and passkeys to address rising risks. The move aims to counter increasingly sophisticated social engineering and phishing attacks exploiting human vulnerabilities.
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