New EU legislation might help kill SMS 2FA / 2SV / OTP.
Multiple German banks have announced plans to drop support for SMS-based one-time passcodes (OTP) as a login authentication and transaction verification method.
Postbank plans to drop support in August, while Raiffeisen Bank and Volksbank plan to do so in the fall,
Handelsblatt reports.
Deutsche Bank and Commerzbank also plan to drop support for SMS OTP but have not announced a deadline, while Consorsbank plans to discontinue it by the end of the year. Other banks like DKB and N26 have never deployed the technology, while ING has not made any public statements on its plans.