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 authored by Villar, which aims to better protect the public from online scams and unauthorized financial transactions. “As Principal Sponsor and Author of the Anti-Financial Account Scamming Act, I welcome this move by the BSP. This is an important step toward making digital banking safer […]... Keep on reading: Villar backs OTP phaseout, eyes stronger digital security with Afasa law