Major retail banks in Singapore are set to progressively implement Singpass Face Verification (SFV) in the near future, as the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) plan to strengthen the digital token (DT) setup process for retail banking customers.
Current plans outline that Singpass Face Verification (SFV) will be used in higher-risk scenarios to strengthen and complement existing authentication methods for DT setup. SFV scans a customer’s face to verify their identity against national records before the customer’s DT can be activated for use.
This process aims to make it more difficult for scammers to take over a customer’s DT by setting it up on his own device using phished credentials such as an SMS, one-time passwords (OTPs) and/or bank card information.
“Singpass Face Verification gives customers increased protection against unauthorised access to their bank accounts, adding to the suite of measures and tools that banks have provided customers to empower them to guard themselves against scams,” said Ong-Ang Ai Boon, director at the Association of Banks in Singapore. “While banks will continue to do their part to fight scams, customers need to be vigilant themselves and practice good cyber hygiene.”
Fighting against financial crime in Singapore
SFV becomes the latest security measure used by banks in Singapore to protect customers against scams and fraudsters. The banking sector in Singapore is also aiming to phase out OTPs for bank account login by DT users.
Loo Siew Yee, assistant managing director of the policy, payments and financial crime group at MAS
Loo Siew Yee, assistant managing director, policy, payments and financial crime at the Monetary Authority of Singapore, also explained: “The use of Singpass Face Verification will significantly strengthen the process of digital token set up. This is important as the digital token will be used as a factor to approve subsequent transactions.
“MAS will continue to work closely with banks on measures to protect customers against scams. We urge consumers to maintain vigilance and avoid falling prey to scams by keeping updated on the latest scam tactics, practising good cyber hygiene and making use of Money Lock.”
Singapore’s ‘Money Lock‘ feature also enables customers to ‘lock up’ specified amounts of their funds that cannot be accessed digitally. MAS explained that these various measures will serve to step up our collective defence against scams.
Customers who do not have a Singpass account may register for one and download the Singpass app before setting up their DT.
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