Singapore Banks to Implement Singpass Face Verification for Enhanced Security
Banks in Singapore are stepping up efforts to safeguard customers from scams by progressively introducing Singpass Face Verification (SFV) over the next three months. This new security measure aims to strengthen the digital token (DT) setup process, ensuring safer banking for retail customers.
Strengthening Security with Face Verification
SFV will be employed in high-risk scenarios to bolster existing security protocols for DT setup. Using a face scan, the system verifies the customer’s identity against Singapore’s national records. This added layer of protection ensures that only legitimate customers can activate their digital tokens, making it significantly harder for scammers to hijack accounts using stolen credentials such as SMS one-time passwords (OTPs) or bank card details.
By preventing fraudsters from setting up a DT on their own devices using phished information, SFV creates an additional hurdle for cybercriminals. This is an important step forward in combating increasingly sophisticated scams.
A New Wave of Security Measures
SFV is just one part of the broader initiative by banks to safeguard customer accounts. In recent months, banks have phased out OTPs for DT users logging into accounts, providing a more secure alternative. Additionally, they introduced the Money Lock feature, allowing customers to lock specific amounts of their funds, preventing them from being accessed digitally without authorization.
These measures reflect a growing commitment to protect customers in the face of rising online fraud.
Empowering Customers to Stay Vigilant
Ong-Ang Ai Boon, director of The Association of Banks in Singapore, emphasized the importance of SFV as a robust tool to prevent unauthorized access to accounts. She noted, “Singpass Face Verification gives customers increased protection, adding to the suite of measures that empower them to guard against scams. While banks continue to fight scams, it’s essential for customers to practice good cyber hygiene and stay alert.”
A Partnership Between Banks and Customers
While the introduction of SFV is a significant move toward safer banking, it also emphasizes the need for customers to remain vigilant. Moreover, as cybersecurity becomes increasingly important, the shared responsibility between banks and their customers grows. On one hand, new tools like SFV provide customers with enhanced control over their online safety, helping to reduce the risk of fraud. However, it’s equally important for users to stay informed and proactive, as these tools are not foolproof, and cyber threats continue to evolve.