In a bid to strengthen digital security, Singapore’s major retail banks are set to introduce Singpass Face Verification (SFV) for the digital token setup process. This initiative, a joint effort between the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), will be rolled out over the next three months.
The implementation of SFV marks a significant step towards enhancing customer authentication, particularly in high-risk scenarios. The facial scan verification process, comparing a customer’s identity against national records, effectively thwarts scammers from compromising accounts. By preventing the unauthorized setup of digital tokens on compromised devices using stolen credentials like SMS messages, one-time passwords (OTPs), or bank card details, SFV provides a robust layer of security.
For individuals without a Singpass account, registration and downloading the Singpass app are necessary prerequisites to set up their digital tokens. Emphasizing the significance of this new security measure, Ong-Ang Ai Boon, ABS Director, stated, “Singpass Face Verification gives customers increased protection against unauthorized 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 be vigilant themselves and practice good cyber hygiene.”
Loo Siew Yee, MAS Assistant Managing Director (Policy, Payments & Financial Crime), echoed this sentiment, highlighting the crucial role of SFV in digital token setup: “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.”
While United Overseas Bank (UOB) plans to introduce SFV on its UOB TMRW app from October 2024, it emphasizes that customers must remain cautious as scammers are continuously evolving their tactics. DBS and POSB customers have already benefited from the security features implemented by these banks, while OBC customers may experience some adjustments during the digital token setup process as these new security measures take effect.
This move towards enhanced digital security in the banking sector represents a crucial step in protecting customers’ financial information and strengthening the overall security framework within Singapore’s financial landscape.
