The Monetary Authority of Singapore and The Association of Banks in Singapore published joint statements announcing a rapid rollout of Singpass Face Verification for retail bank customers setting up digital tokens.
Complementing authentication processes already in place, Singpass will be activated in the most high-risk scenarios where token takeover is possible. ABS and MAS promoted face scan matching processes against national records to verify the user prior to the digital token being set up. This prevents the scammer intending to transfer the token to their own device using phished credentials, for example SMS, one-time passwords (OTPs) and/or bank card information.
Face authentication enables the person to be visibly registered and verified rather than just knowledge-based data being verified. Customers who do not have a Singpass account are urged to register for one and download the Singpass app before setting up their DT, as this method is smarter than one-time passwords.
Other initiatives and self-help tools the banks have adopted include the Money Lock feature, through which customers can “lock up” specified amounts of their funds that cannot be accessed digitally.
Mrs 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 are doing their part to fight scams, adopting government-backed, new technology, customers themselves need to be vigilant of scams and practice “good cyber hygiene”.
Ms 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”.
