Singaporean banks roll out face verification for digital token setup

It is expected to make it harder for scammers to take over a customer’s DT.

Major retail banks in Singapore will progressively roll out the Singpass Face Verification (SFV) service over the next three months.

SFV will be triggered in higher risk scenarios to strengthen authentication methods for a digital token (DT) setup, according to an announcement by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).

It is expected to make it more difficult for a scammer to take over a customer’s DT using phished credentials, which could include SMS, one-time passwords, and bank card information.

“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 customers to empower them to guard themselves against scams,” said Ong-Ang Ai Boon, director, ABS.

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

The SFV is the latest security measure that Singapore banks are rolling out against scams. Earlier in late 2023 and early 2024, banks rolled out the Money Lock feature, which enabled customers to lock up a specific amount of funds. These funds cannot be accessed digitally.