Banks to require Singpass face verification for customers setting up digital tokens

SINGAPORE: Banks in Singapore will soon require Singpass face verification for customers setting up their digital tokens, in an effort to prevent scams. 

Major retail banks will progressively implement this over the next three months to strengthen the digital token setup process for customers, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) said on Wednesday (Sep 18). 

"Singpass face verification will be triggered in higher risk scenarios to strengthen and complement existing authentication methods for digital token setup," they said.

This involves a face scan to verify a customer’s identity against national records before the customer’s digital token can be activated. 

"This makes it more difficult for a scammer to take over a customer’s digital token by setting it up on his own device using phished credentials such as an SMS, one-time passwords (OTPs) or bank card information," said MAS and ABS in their joint media release. 

Customers who do not have a Singpass account may register for one and download the Singpass app before setting up their digital token. 

"The use of Singpass face verification is the latest security measure that banks are rolling out to protect customers from scams," said MAS and ABS. 

Other initiatives and self-help tools include phasing out OTPs for bank account logins 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. 

Mrs Ong-Ang Ai Boon, director of ABS, said Singpass face verification provides customers with increased protection, adding to existing measures and tools provided by banks. 

"The use of Singpass face verification will significantly strengthen the process of digital token setup. This is important as the digital token will be used as a factor to approve subsequent transactions," said MAS assistant managing director for policy, payments and financial crime, Ms Loo Siew Yee.

In response to CNA's queries, UOB said that it would be implementing Singpass face verification on its TMRW app from October. 

"Singpass face verification is the latest of the many security measures that UOB, together with the industry, is rolling out to protect customers from scams," said Ms Choo Wan Sim, head of UOB's personal financial services for TMRW Digital. 

"However, customers should be aware that scam methods are constantly changing and evolving, and these 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."

OCBC said that it would be rolling out the security feature by November. 

"Customers may experience some friction during the provisioning of their digital banking token when these measures are rolled out," said Mr Beaver Chua, head of anti-fraud at OCBC's group financial crime compliance department.

"However, with the scourge of scams and their ever-evolving modus operandi still prevalent, these enhancements are much needed safeguards to prevent scammers from quickly gaining access to customers’ accounts and stealing their (money).”

DBS told CNA that it would introduce Singpass face verification from October. 

In addition to providing customers with the tools for enhancing account security, the bank said it has been intensifying its anti-scam education efforts to raise public awareness of the latest scams and frauds.

"This includes expanding our digital literacy and anti-scam workshops to more neighbourhoods and exploring new content formats to better engage the community on important anti-scam information," DBS said.