To prevent phishing scams, Singapore rolls out facial verification for online banking

In a move to bolster digital security, Singapore’s major retail banks will begin rolling out Singpass Face Verification (SFV) for the digital token setup process over the next three months. This initiative is part of a joint effort by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to enhance customer authentication.

SFV will be employed in high-risk scenarios to complement existing authentication methods during the setup of digital tokens. By using a facial scan to verify a customer’s identity against national records, SFV aims to make it significantly more challenging for scammers to compromise customer accounts by setting up digital tokens on unauthorised devices using phished credentials, such as SMS messages, one-time passwords (OTPs), or bank card details.

Customers who do not have a Singpass account will need to register for one and download the Singpass app prior to 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. While banks will continue to do their part to fight scams, customers need to be vigilant themselves and practice good cyber hygiene,” said Ong-Ang Ai Boon, director of ABS.

Loo Siew Yee, MAS’s assistant managing director (Policy, Payments & Financial Crime), emphasised the significance of this new verification method: “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.”

Meanwhile, as per a report in The Online Citizen, United Overseas Bank (UOB) confirmed it will roll out Singpass face verification on its UOB TMRW app from October 2024, but cautioned that customers must remain vigilant as scammers are continuously adapting to newer methods.

The Strait Times quoted a DBS spokesperson as saying that multiple DBS and POSB customers have used its security features to protect themselves from scams. However, the report quoted an OBC spokesperson as noting that customers might “experience some friction” during the setup of their digital tokens as the new security measures are implemented.

This initiative marks a crucial step in safeguarding customers’ financial information and enhancing the overall security framework within Singapore’s banking sector.

With inputs from agencies.