OTP Reduces Phishing by 85%

Shaparak Company, the Central Bank of Iran affiliated company supervising the domestic e-payment network, recorded 85% decline in phishing cases since the implementation of the mandatory one-time password for bank cards. 
"However, hackers are busy with new schemes and tricks to deceive the people and steal their bank information…We need to work more on raising public awareness about new fraud methods as hackers abuse the lack of cardholders' awareness in financial cybercrime," Kazem Dehqan was quoted as saying by IBENA. 
To curb cybercrime related to debit card fraud and boost security of online banking, the CBI last year instructed banks and credit institutions to adopt OTPs to protect their clients ID and banking information.