Banks in Singapore will gradually implement Singpass Face Verification (SFV) over the next three months to strengthen the digital token (DT) setup process for retail customers.
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SFV is triggered in higher risk scenarios to strengthen and complement existing authentication methods for DT setup. SFV uses a facial scan to verify a customer’s identity against national records before the customer’s DT can be activated for use.
This makes it more difficult for a fraudster to take over a customer’s DT by setting it up on their own device using fake credentials such as an SMS, one-time passwords (OTPs) and/or bank card information.
The use of SFV is the latest security measure that banks are introducing to protect customers from fraud. Other initiatives and self-help tools include the phasing out of OTPs for bank account registration by DT users and the Money Lock feature, which allows customers to “lock” certain amounts of their funds that cannot be accessed digitally.
Ong-Ang Ai Boon, Director of the Association of Banks in Singapore, said: “Singpass Face Verification offers customers increased protection against unauthorized access to their bank accounts and complements the range of measures and tools that banks have made available to their customers “to protect them.” against fraud. While banks will continue to do their part to combat fraud, customers themselves must be vigilant and practice good cyber hygiene.”