SINGAPORE: In an effort to combat fraud, banks in Singapore will soon demand Singpass face verification from clients setting up digital tokens.
Major retail banks will gradually implement this to improve the digital token setup process for clients over the next three months, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced on Wednesday.
“To reinforce and enhance the current authentication methods for digital token setup, Singpass face verification will be activated in higher risk scenarios,” they stated. To activate a customer’s digital token, a face scan is required to confirm the customer’s identity against national databases.
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 a joint press release.
Before configuring their digital token, customers who do not already have a Singpass account can create one and download the Singpass app. The most recent security measure that banks are implementing to shield consumers from fraud is the use of Singpass face verification, according to MAS and ABS.
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