Banks to roll out Singpass face verification for digital token
Bank customers will soon need to use Singpass Face Verification (SFV) to verify their identities when setting up their digital tokens, in a bid to better protect them against scams.
Major retail banks in Singapore will progressively implement this over the next three months, said the Association of Banks in Singapore (ABS) and Monetary Authority of Singapore (MAS) in a joint statement on Sept 18.
The move will make it more difficult for scammers to take over a customer’s digital token by setting it up on their own devices using phished credentials such as an SMS, one-time passwords (OTPs) and bank card information, said ABS and MAS.
A digital token authenticates logins and transactions on a mobile banking app, generating push notifications seeking banking users’ approval – in a process known as second-factor authentication – before an online transaction goes through.
SFV, which will complement existing authentication measures, will be triggered in higher-risk scenarios, using a face scan to verify a customer’s identity against national records before the customer’s digital token can be activated for use.
Customers who do not have a Singpass account may 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,” said ABS director Ong-Ang Ai Boon.
Other initiatives and self-help tools include the phasing out of OTPs for bank account login by digital token users and the money lock feature, through which customers can “lock up” specified amounts of their funds that cannot be accessed digitally.
“While banks will continue to do their part to fight scams, customers need to be vigilant themselves and practise good cyber hygiene,” said Mrs Ong-Ang.
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