Singapore’s major retail banks will introduce the system in stages. Singpass Face Recognition (SFV) Over the next three months, we will be conducting a joint effort to strengthen security against phishing scams.
This movement, Monetary Authority of Singapore (MAS) and Association of Banks in Singapore (ABS)aims to enhance the Digital Token (DT) setup process for retail banking customers.
SFV is used in high-risk scenarios to complement existing authentication methods during DT setup.
Before DT is enabled, a facial scan is used to check a customer’s identity against national records, making it significantly harder for fraudsters to use stolen credentials to take over an account.
Customers who do not have a Singpass account are advised to register and download the Singpass app in advance.
This initiative is the latest in a series of security measures being implemented by the bank, including phasing out OTP for DT users and introducing a money lock feature to safeguard funds.
ABS director Ong Ang Ai Bun said:
“Singpass Face Verification further adds to the suite of fraud protection measures and tools the bank offers its customers, providing added protection against unauthorised access to their bank accounts.”
While banks remain committed to tackling fraud, customers also need to remain vigilant and practice good cyber hygiene.”
“MAS is committed to providing the highest level of protection to its customers, clients and the public,” said Lu Siu Yi, assistant managing director (policy, payments and financial crime) at MAS.
“The use of Singpass Face Verification significantly enhances the process of setting up digital tokens, which is important as the digital token is used as a factor to authorise subsequent transactions. MAS will continue to work closely with banks on measures to protect customers from fraud.”
We urge consumers to remain vigilant and avoid becoming victims by staying up to date on the latest scam schemes, practicing good cyber hygiene and using MoneyLock.”
Featured Image Credit: Free Pick
