The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced that major retail banks will begin rolling out Singpass Face Verification (SFV) over the next three months to enhance the digital token (DT) setup process for retail banking customers.
SFV will be activated in higher-risk scenarios to complement existing authentication methods for setting up DTs. The process involves using a face scan to verify the customer’s identity against national records before their DT can be activated, making it significantly harder for scammers to take over a customer’s DT using phished credentials like SMS OTPs or bank card details.
For customers without a Singpass account, they are encouraged to register for one and download the Singpass app before setting up their DT.
This initiative is part of a broader effort by Singaporean banks to combat scams, alongside other measures such as phasing out OTPs for DT users and introducing the Money Lock feature, which allows customers to secure specified amounts of funds that cannot be accessed digitally.
Mrs Ong-Ang Ai Boon, Director of ABS, emphasized that SFV enhances customer protection against unauthorized access to bank accounts. “While banks continue to fight scams, customers must remain vigilant and practice good cyber hygiene,” she added.
Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime) at MAS, highlighted that SFV will significantly strengthen the DT setup process, which plays a key role in approving subsequent transactions. MAS continues to work with banks to enhance customer security and urges consumers to stay updated on scam tactics and utilize tools like Money Lock.
