Major retail banks to introduce Singpass Face Verification (SFV), further strengthening resilience against phishing scams
Major retail banks to introduce Singpass Face Verification (SFV),
further strengthening
resilience against phishing scams
Customers who do not have a Singpass account may register for
one and download the
Singapore, 18 September 2024 – The
Monetary Authority of Singapore (MAS) and The Association of Banks in
Singapore (ABS) today announced that major retail banks in Singapore
will progressively implement Singpass Face Verification (SFV) over the
next three months to strengthen the digital token (DT) setup process
for retail banking customers.
2 SFV will be triggered in
higher risk scenarios to strengthen and complement existing
authentication methods for DT setup. SFV uses a face 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 scammer
to take over a customer’s DT by setting it up on his own device using
phished credentials such as an SMS, one-time passwords (OTPs) and/or
bank card information.
3 Singpass app before setting up their
DT.
4 The use of SFV is the latest security measure that
banks are rolling out to protect customers from scams. Other
initiatives and self-help tools include the phasing out of OTPs for
bank account login by DT users and the Money Lock feature, through
which customers can “lock up” specified amounts of their funds that
cannot be accessed digitally. These various measures will serve to
step up our collective defence against scams.
5 Mrs Ong-Ang
Ai Boon, Director, ABS, said: “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. While banks will continue to do their part to fight scams,
customers need to be vigilant themselves and practice good cyber
hygiene. ”
6 Ms Loo Siew Yee, Assistant Managing Director
(Policy, Payments & Financial Crime), MAS, said, “The use of Singpass
Face Verification will significantly strengthen the process of digital
token set up. This is important as the digital token will be used as a
factor to approve subsequent transactions. MAS will 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. ”
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For
media inquiries, please contact:
Ong-Ang Ai Boon (Mrs. )
Director The Association of Banks in Singapore Tel: 6224 4300
Email: banks@abs. org. sg
Denise Gan Deputy Director
(Corporate Communications) Monetary Authority of Singapore Tel: 6229
9425 Email: denise_gan@mas. gov. sg