Major retail banks roll out Singpass Face Verification for digital tokens to strengthen security

In efforts to increase security, banks in Singapore will soon be using Singpass face verification for customers setting up their digital tokens to prevent scams. Major retail banks will implement this measure progressively over the next three months to enhance the digital token setup process, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced on Wednesday (Sept 18).

"Singpass face verification will be triggered in higher-risk scenarios to strengthen and complement existing authentication methods for digital token setup," they stated. This involves using a facial scan to verify a customer's identity against national records before the digital token can be activated.

"This makes it more difficult for a scammer to take over a customer’s digital token by setting it up on his own device using phished credentials such as SMS, one-time passwords (OTPs), or bank card information," said MAS and ABS in their joint media release.

Customers without a Singpass account can register for one and download the Singpass app before setting up their digital token. "The use of Singpass face verification is the latest security measure that banks are rolling out to protect customers from scams," they added.

Other initiatives include phasing out OTPs for digital token users and introducing the Money Lock feature, allowing customers to "lock up" specified funds that cannot be accessed digitally.

Mrs. Ong-Ang Ai Boon, Director of ABS, said Singpass face verification provides customers with added protection. "The use of Singpass face verification will significantly strengthen the process of digital token setup," added MAS Assistant Managing Director for Policy, Payments, and Financial Crime, Ms. Loo Siew Yee.

In response to CNA queries, UOB said it would implement Singpass face verification on its TMRW app from October. "Singpass face verification is the latest of the many security measures that UOB, together with the industry, is rolling out to protect customers from scams," said Ms. Choo Wan Sim, head of UOB's personal financial services for TMRW Digital.

UOB cautioned that while SFV strengthens security, customers should remain vigilant as scam methods are constantly changing and evolving. UOB adds that the customers themselves are the strongest line of defense, hence it's critical for them to exercise vigilance and caution to safeguard themselves in this ever-evolving threat landscape.