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In a significant move to bolster digital security, the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) have announced the upcoming rollout of Singpass Face Verification (SFV) by major retail banks. Over the next three months, this advanced security measure will be introduced to enhance the digital token (DT) setup process for banking customers, aiming to provide stronger protection against phishing scams.
Singpass Face Verification is designed to be used in higher-risk scenarios to complement existing authentication methods. This system involves a facial recognition scan that cross-references a customer’s identity with national records before activating their digital token. By incorporating this additional layer of verification, the new system makes it substantially harder for scammers to hijack a customer’s digital token using phished credentials such as SMS, one-time passwords (OTPs), or bank card details.
Customers who do not yet have a Singpass account will need to register and download the Singpass app before they can set up their digital token. This integration is part of a broader strategy to enhance security across the banking sector. Other measures include the gradual phasing out of OTPs for bank account logins by digital token users and the introduction of the Money Lock feature, which allows customers to “lock up” specific amounts of their funds, making them inaccessible digitally.
As OpenGov Asia reported, the introduction of SFV follows growing concerns expressed by Members of Parliament during a recent parliamentary session regarding the need to protect bank customers from scams. Echoing public concerns, MAS and other government agencies are intensifying their efforts to combat scams through collaborative initiatives with the banking industry.
MOS Sun Xueling from the Ministry of Home Affairs will provide additional details on these efforts, including the implementation of anti-malware controls and the Shared Responsibility Framework (SRF).
The SRF, developed by MAS and the Infocomm Media Development Authority (IMDA), introduces a framework that assigns specific duties to financial institutions (FIs) and telecommunications companies (telcos). These duties include sending transaction notifications, implementing scam filters and ensuring that affected victims receive payouts in the event of a breach. The SRF focuses on phishing scams but acknowledges the need for ongoing efforts against malware-enabled scams through industry collaboration and public education.
The consultation paper on the SRF highlights the importance of shared responsibility in ensuring e-payment security. The inclusion of telcos in the framework is a crucial step toward strengthening the anti-scam ecosystem. This approach builds on previous initiatives, such as the SMS Sender ID Registry, which have successfully reduced reported phishing cases by 16% and financial losses by 14% in 2023 compared to the previous year.
Despite these advancements, MAS recognises the need for further improvements. Future plans include promoting the adoption of Money Lock, enhancing fraud surveillance capabilities, and strengthening authentication measures during account logins and payment transactions. While these measures may introduce additional friction into banking processes, they are essential for protecting consumers and reducing scam-related losses.
It is important to note that many scams now involve authorised transactions, where victims are deceived into transferring funds. Addressing these scams requires a vigilant public that stays informed about evolving scam tactics and banking controls. MAS and banks will continue supporting public education efforts, including the “Add, Check, and Tell” anti-scam campaign.
The collaborative efforts between government agencies, financial institutions, and the public are vital for effectively combating scams and safeguarding consumers in an increasingly digital landscape. The implementation of Singpass Face Verification and the broader measures outlined in the SRF represent significant steps forward in protecting bank customers and enhancing the security of the financial system.
