Singapore Banks Increase Safety with Singpass Face Verification

Prime retail banks in Singapore are executing the Singpass Face Verification to add an extra security layer for the online token setups, particularly in risky cases. However, these types of steps are a chunk of combined struggles among MAS (Monetary Authority of Singapore) and the ABS (Association of Banks in Singapore that have the purpose of controlling the rising threats from scams and frauds by increasing the customer verification process. However, during the next three months, banks will incorporate the SFV into their systems while using the facial scans related to the national identity records via Singapore forums. 

These latest security methods are created to protect scammers from manipulating robbed credentials, such as SMS codes, OTPs, or customers’ bank card details to get access. Customers should register for Singapore financial records and install the app to begin the online tokens. SFV increases safety by providing access to legal users to complete transactions making it harder for fraudsters to get access. 

Experts Highlight Surveillance and Advantages of Singpass Face Verification

The director of ABS, Ong-Ang Ai Boon, emphasizes the new technology’s significance and highlights that it facilitates enhanced prevention against illegal bank account access. She further stated that banks will constantly spend on safety aspects, and customers should be surveillant and follow the best cyber cleanness to reduce falling victim to scams. Furthermore, Loo Siew Yee, MAS’s assistant managing director, ensures the importance of increasing verification techniques. She highlights that SFV will be a critical part of reinforcing online token setup honesty that is being utilized for better future transactions. 

She explained that SFV will play a critical role in ensuring the integrity of digital token setups, which are used to approve future transactions. MAS, along with the banks, would hope to implement further arrangements to safeguard consumers as they are made aware of the changing tricks of scammers and maintain strong cybersecurity practices.

United Overseas Bank (UOB) will introduce SFV on its UOB TMRW app in October 2024. However, the bank stated that despite this measure, “scammers adapt,” and its customers must be vigilant. A very slight delay in the initial setup process is described, but it will markedly reduce fraud and unauthorized access.