SINGAPORE — In a bid to enhance security and prevent scams, banks in Singapore will soon require customers to use Singpass face verification when setting up digital tokens. This new measure will be rolled out by major retail banks over the next three months, according to a joint statement released by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) on Wednesday (Sept 18).

The Singpass face verification process will be initiated in higher-risk situations to complement the existing security protocols for digital token setup. This involves a face scan to verify a customer’s identity against national records before the activation of their digital token. MAS and ABS explained that this would make it much harder for scammers to take over a customer’s digital token by using stolen credentials like SMS one-time passwords (OTPs) or bank card information.

For customers who do not yet have a Singpass account, they can register and download the Singpass app before setting up their digital tokens.

“The use of Singpass face verification is the latest measure being introduced to protect customers from scams,” said MAS and ABS in their joint media release. Other recent security initiatives include phasing out OTPs for bank logins by digital token users and the introduction of a “Money Lock” feature, allowing customers to lock certain funds, preventing them from being accessed digitally.

Mrs Ong-Ang Ai Boon, director of ABS, emphasized that Singpass face verification adds a valuable layer of security to existing anti-scam measures. MAS assistant managing director for policy, payments, and financial crime, Ms. Loo Siew Yee, also highlighted the importance of this measure, noting that the digital token would be a critical factor for approving future transactions.

UOB announced plans to implement Singpass face verification on its TMRW app starting in October, with the bank’s head of personal financial services, Ms. Choo Wan Sim, acknowledging that while the new security measure is a significant step forward, customers must remain vigilant. She warned that scam techniques continue to evolve, making it essential for individuals to stay alert to potential threats.

CNA has reached out to DBS and OCBC for further information regarding their implementation of Singpass face verification.