For years, SMS OTPs and traditional authentication methods were considered "good enough." Today, they are one of the biggest reasons why fraud succeeds. Attackers no longer need to break into systems. They simply trick users into handing over credentials, intercept OTPs, or exploit weak authentication flows. The result? Account takeovers, fraudulent transactions, financial losses, and damaged customer trust. The Bangko Sentral ng Pilipinas recognized this growing threat when
