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Cryptocurrency News Articles
Singpass face verification to be used by major banks to set up digital tokens, prevent scams
Sep 23, 2024 at 12:07 am
Over the next three months, Singapore's major retail banks will gradually implement Singpass face verification to protect customers from scams and enhance the digital token setup process.
Major Singapore banks to use Singpass face verification for setting up digital tokens
SINGAPORE: On Sept 18, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced that Singpass face verification will soon be used by major banks for setting up digital tokens.
However, an expert noted that this is more than just a regulatory change; it provides “liveness detection” crucial for modern banking to prevent fraud and improve security.
Over the next three months, Singapore’s major retail banks will gradually implement Singpass face verification to protect customers from scams and enhance the digital token setup process.
MAS and ABS noted that the new system will be triggered in higher-risk situations, adding an extra layer of protection to the existing security methods.
The system scans a customer’s face and matches it with national records before their digital token is activated. The goal is to prevent scammers from taking control of a customer’s digital token by using stolen data, such as SMS codes, one-time passwords (OTPs), or bank card details.
Andrew Bud, founder and CEO of iProov, a company specialising in biometric solutions, noted that the new Singpass face verification is “more than just a regulatory change – it’s a recognition of the critical role liveness detection plays in modern banking and establishes Singpass as a blueprint for robust identity verification.”
He said, “In today’s complex banking landscape, where digital transactions and borderless operations have become standard practice, liveness detection acts as a critical safeguard.
It ensures that the person onboarding or authenticating on a digital platform is the right person, a real person, and they’re authenticating in real-time acting as a powerful shield against sophisticated threats like deepfakes or stolen identities.”
“By verifying that the person onboarding or authenticating with a bank’s digital platform is a real, live individual, liveness detection adds a crucial layer of protection against fraud and ensures even the most sophisticated attempts at identity theft, such as using stolen photos or deepfake videos, are thwarted,” he added.
Besides face verification, banks are adding other security measures, such as phasing out OTPs for digital token users logging into bank accounts and introducing a Money Lock feature that allows customers to “lock up” specific amounts of their funds, preventing their use in digital transactions. /TISG
Read also: CPF Board to lower daily CPF withdrawal limit to $50,000 from Sept 25 to combat scams
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