Major retail banks in Singapore will progressively implement Singpass Face Verification (SFV) over the next three months in a concerted effort to bolster security against phishing scams.
This move, announced by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), aims to enhance the digital token (DT) setup process for retail banking customers.
SFV will be used in high-risk scenarios to complement existing authentication methods during DT setup.
It will verify a customer’s identity against national records using a face scan before activating their DT, making it significantly harder for scammers to hijack accounts using stolen credentials.
Customers without a Singpass account are advised to register and download the Singpass app beforehand.
This initiative is the latest in a series of security measures implemented by banks, including phasing out OTPs for DT users and introducing the Money Lock feature to safeguard funds.
Ong-Ang Ai Boon, Director, ABS, said,
“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.
While banks will continue to do their part to fight scams, customers need to be vigilant themselves and practice good cyber hygiene.”
Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said,
“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.”
Featured image credit: Edited from Freepik
