Singaporean Banks to Adopt Facial Verification for Digital Token Setup

Most of the major retail in Singapore would progressively induce the Singpass Face Verification (SFV) service in coming three months.

According to a statement by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), Singpass Face Verification (SFV) will be used in higher-risk circumstances to reinforce authentication techniques for a digital token (DT) configuration.

It is supposed to make it more difficult for a fraudster to get access to a customer's DT via phishing credentials like as SMS, one-time passwords, and bank card information. For the customers who do not possess Singpass account, shall register on the Singpass app before setting up their DT.

ABS Director, Ong-Ang Ai Boon, said “Singpass Face Verification protects customers from the possibility of having their bank accounts accessed by unseen persons, adding onto the several measures and tools that banks are offering to ensure customers protect themselves from scams.”

The new precaution taken by the Singapore banks to prevent frauds is the SFV. The Money Lock service was developed by banks and institutions at the end of 2023 and at the beginning of 2024 to allow consumers to lock a certain sum of money for investing. However, it is pertinent to note that this service is not available over the internet.