SINGAPORE: Singapore banks will soon implement Singpass face verification when customers set up their digital tokens.
On Wednesday, Sept 18, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced that over the next three months, major retail banks will gradually adopt this new security measure to strengthen the digital token setup process and protect customers from scams.
They noted that Singpass face verification “will be triggered in higher risk scenarios” to improve and support the current authentication methods for setting up digital tokens.
Channel News Asia (CNA) reported that the new face verification process involves scanning a customer’s face and matching it with national records before their digital token can be activated.
This added step is designed to “make it harder for scammers” to take control of a customer’s digital token by setting it up on their own device using stolen information like SMS, one-time passwords (OTPs), or bank card details, according to MAS and ABS.
Customers who do not yet have a Singpass account must register for one and download the Singpass app before they can set up their digital token.
MAS and ABS said that Singpass face verification is the newest security step banks are introducing to protect customers from scams.
In addition to face verification, banks are rolling out other security tools to bolster their anti-scam efforts. These include the gradual phasing out of OTPs for bank account logins by digital token users and the introduction of the Money Lock feature.
The Money Lock allows customers to “lock up” specific amounts of their funds, making them inaccessible for digital transactions.
Ong-Ang Ai Boon, ABS Director, said that Singpass face verification increases customer protection by adding another layer to the existing security measures and tools provided by banks.
Loo Siew Yee, MAS Assistant Managing Director for Policy, Payments, and Financial Crime, added that the introduction of Singpass face verification will significantly strengthen the digital token setup process.
She said, “This is important as the digital token will be used as a factor to approve subsequent transactions.”
According to CNA, United Overseas Bank (UOB) said it will start using Singpass face verification on its TMRW app in October.
Choo Wan Sim, UOB’s Head of Personal Financial Services for TMRW Digital, said this new security feature is part of the bank’s broader strategy to protect customers from scams.
However, she also cautioned that as scam methods evolve, no security measure is completely “foolproof.” She advised customers to remain vigilant and exercise caution to safeguard themselves from potential threats. /TISG
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