Business And Markets

OTP Service by Lenders Becomes Mandatory

OTP Service by Lenders Becomes MandatoryOTP Service by Lenders Becomes Mandatory

In a move to curb cybercrime pertaining to debit card fraud and increase the security of online banking, the Central Bank of Iran has instructed banks and credit institutions to use one-time password (OTP) in order to protect their clients' ID and bank account data. 
In a directive to banks, the CBI obliged all lenders to create the grounds for OTP services by the end of current Iranian month (May 21) or face penalties. 
The regulator stipulates that the existing static passwords will be active only up to May 21. 


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