SINGAPORE: Banks in Singapore will soon require Singpass face verification for customers setting up their digital tokens, in an effort to prevent scams.
Major retail banks will progressively implement this over the next three months to strengthen the digital token setup process for customers, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) said on Wednesday (Sep 18).
"Singpass face verification will be triggered in higher risk scenarios to strengthen and complement existing authentication methods for digital token setup," they said.
This involves a face scan to verify a customer’s identity against national records before the customer’s 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 an SMS, one-time passwords (OTPs) or bank card information," said MAS and ABS in their joint media release.
Customers who do not have a Singpass account may 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," said MAS and ABS.
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Major retail banks will progressively implement this over the next three months to strengthen the digital token setup process for customers, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) said on Wednesday (Sep 18).
"Singpass face verification will be triggered in higher risk scenarios to strengthen and complement existing authentication methods for digital token setup," they said.
This involves a face scan to verify a customer’s identity against national records before the customer’s 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 an SMS, one-time passwords (OTPs) or bank card information," said MAS and ABS in their joint media release.
Customers who do not have a Singpass account may 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," said MAS and ABS.
Continue reading...