OTPs are unique passwords that are available for a defined period of time and are only valid for a single transaction. In a media release by the Singapore Police Force on OTP-related scams, we read that an OTP (one-time password) is a security feature commonly used as a part of two-factor authentication. According to PayLah’s FAQ page, in order for an individual to log into a PayLah account, one would need to enter a PayLah password or use biometric access (Touch ID/Fingerprint ID). PayLah on the other hand is a personal mobile wallet by DBS Bank which allows individuals to perform transactions such as funds transfer and ‘Scan and Pay’. Individuals and corporate entities can also use PayNow to transfer and receive funds. OTP or PIN? PayNow or PayLah?Īs a quick background on the terms, PayNow was launched by the Association of Banks in Singapore (ABS) on 10 July 2017 and allows users to transfer funds between accounts under different banks. The name of the bank and the sender’s bank account number will not be revealed on the payee’s bank statement. When we did a check on DBS Bank’s website, we read that upon receiving the PayNow transaction, only the name of the sender will appear on the bank statement and email alert. The post ends off with the claim that an individual’s name and bank account shows up on PayNow transactions, and due to this, puts one’s account at the risk of hacking. Sensing that something was off, the payee informed the lady that he/she would consult the bank for the return transfer. The payee then asked that the lady immediately asked him/her to transfer the money back to her.
The post reproduces a WhatsApp message which recounted an incident where an individual received a $20 PayNow transfer from a stranger.
Not the first time we hear about PayNow/PayLah scamsĮarlier this year, we came across yet another Facebook post which aimed to warn members of the public about a scam involving PayNow:
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