Banks in Singapore will implement Singpass Face Verification (SFV) over the next three months to enhance the digital token (DT) setup process for retail banking customers.

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS), who announced the measure, stated that SFV will be triggered in higher-risk scenarios and will complement existing authentication methods.

The technology uses a face scan to verify a customer’s identity before a DT can be activated for use. This makes it more difficult for a scammer to take over a customer’s DT by setting it up on their own device using phished credentials such as bank card information.

SFV is the latest security measure that banks in Singapore are introducing to protect customers from scams. Other methods include the phasing out of one-time passwords for bank account login by DT users and the Money Lock feature, which allows customers to “lock up” specified amounts of their funds that cannot be accessed digitally.

“Singpass Face Verification gives customers increased protection against unauthorised access to their bank accounts, adding to the suite of measures and tools that banks have provided to empower customers to guard themselves against scams,” said Ong-Ang Ai Boon, director at ABS. “While banks will continue to do their part to fight scams, customers need to be vigilant themselves and practise good cyber hygiene.”

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