The Central Bank of the UAE has drawn a line in the sand. By March 2026, the era of the SMS and One-Time Passwords will be over for the nation’s financial institutions. This is not a minor policy tweak. It’s a seismic shift. For years, the SMS/OTP has been the default security blanket for digital banking. A familiar, but flawed, solution. But the CBUAE’s directive acknowledges a harsh reality: in the face of sophisticated phishing, SIM-swapping, and social engineering attacks, this legacy method has become a critical liability. It creates unacceptable financial and reputational risk. For the C-suite in the UAE’s banking sector, it’s easy to view this as another compliance burden. Another costly, complex project to manage. But that’s a limited view. The leaders who will win the next decade of digital banking will see this mandate for what it truly is: a strategic inflection point. This is your opportunity to leapfrog the competition by building a digital experience that is not only radically more secure, but also profoundly simpler for your customers.
First seen on securityboulevard.com
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