Singapore's major retail banks will gradually introduce Singpass Face Verification (SFV) for the digital token setup process over the next three months.
SFV will be activated in high-risk cases to bolster existing authentication methods for digital token setup, according to a joint press release by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).
SFV employs a facial scan to verify a customer's identity against national records before activating their digital token. This makes it more difficult for scammers to hijack customer accounts by setting up digital tokens on their own devices using phished credentials like SMS messages, one-time passwords (OTPs), or bank card information.
Customers without a Singpass account can register for one and download the Singpass app before setting up their digital token.
“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,” says Ong-Ang Ai Boon, ABS’s director.
Loo Siew Yee, MAS’s assistant managing director (Policy, Payments & Financial Crime), adds: “The use of Singpass Face Verification will significantly strengthen the process of digital token setup. 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.”
