Banks in Singapore will implement Singpass Face Verification (SFV) over the next three months to enhance the digital token (DT) setup process for retail banking customers.
SFV will be activated in higher-risk scenarios to strengthen and complement existing authentication methods for DT setup. This technology uses a face scan to verify a customer’s identity against national records before the DT can be activated, making it more challenging for scammers to take over a customer’s DT by setting it up on their own device using phished credentials, such as SMS codes, one-time passwords (OTPs), or bank card information.
The introduction of SFV is part of a series of security measures being rolled out by banks to protect customers from scams. Other initiatives include phasing out OTPs for bank account logins by DT users and the Money Lock feature, which allows customers to “lock up” specific amounts of their funds that cannot be accessed digitally.
Ong-Ang Ai Boon, director of The Association of Banks in Singapore, 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 to empower customers in guarding themselves against scams. While banks will continue to do their part to combat scams, customers also need to remain vigilant and practice good cyber hygiene.”