Customers who do not have a Singpass account may register for one and download the Singpass app before setting up their digital token. - OCBC BANK
SINGAPORE: Bank customers will soon need to use Singpass Face Verification (SFV) to verify their identities when setting up their digital tokens, in a bid to better protect them against scams.
Major retail banks in Singapore will progressively implement this over the next three months, said The Association of Banks in Singapore (ABS) and Monetary Authority of Singapore (MAS) in a joint statement on Wednesday (Sept 18).
This makes it more difficult for scammers to take over a customer’s digital token by setting it up on their own devices using phished credentials such as an SMS, one-time passwords (OTPs) and bank card information, said ABS and MAS.
A digital token authenticates logins and transactions on a mobile banking app, generating push notifications seeking banking users’ approval – in a process known as second-factor authentication – before an online transaction goes through.
SFV, which will complement existing authentication measures, will be triggered in higher-risk scenarios, using a face scan to verify a customer’s identity against national records before the customer’s digital token can be activated for use.
Customers who do not have a Singpass account may register for one and download the Singpass app before 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,” said ABS director Ong-Ang Ai Boon.
Other initiatives and self-help tools include the phasing out of OTPs for bank account login by digital token users and the money lock feature, through which customers can “lock up” specified amounts of their funds that cannot be accessed digitally.
“While banks will continue to do their part to fight scams, customers need to be vigilant themselves and practise good cyber hygiene,” said Ong-Ang.
MAS’ assistant managing director for policy, payments and financial crime Loo Siew Yee said that the authority would 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,” said Loo.
In a statement on Sept 18, United Overseas Bank (UOB) said it supports the move by ABS and MAS and will implement the measure on its UOB TMRW app from October.
A UOB spokesperson said that customers should be aware that scammers are constantly changing their methods and anti-scam measures are not foolproof.
“Our customers remain the singular most effective defence, so it is critical for them to always exercise vigilance and caution to safeguard themselves in this ever-evolving threat landscape.”
The SFV feature was made available to all Singpass users accessing government digital services in December 2020. It is currently used for verification purposes in processes such as the increasing of daily CPF withdrawal limits.
In the first six months of 2024, scam victims in Singapore lost a record high of over $385.6 million, with the number of cases increasing by 16.3 per cent when compared with the same period in 2023.
In 86 per cent of the cases, the scammers did not gain control of the victims’ accounts but had manipulated them into transferring money to the criminals.
Although those aged 65 and above made up only 7.2 per cent of scam victims, the police are particularly concerned for this group, as they could lose their life savings and are unlikely to recover financially from it. - The Straits Times/ANN
