Singapore has mandated the use of facial recognition technology for authentication in “higher risk” banking transactions, aiming to curb the rise of scams targeting financial institutions. Over the next three months, retail banks will roll out Singpass Face Verification to enhance the setup process for digital tokens, according to a joint statement by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).
The facial verification process will be triggered in scenarios deemed higher risk to complement existing authentication methods for setting up digital tokens. Customers will use face scans to verify their identity against Singapore’s national records before activating digital tokens, adding an extra layer of security.
The measure is designed to make it more difficult for scammers to take over customer accounts using phished credentials like SMS one-time passwords and bank card information.
Customers without a Singpass account will need to register and download the Singpass app to set up digital tokens for their bank accounts. Singpass, introduced in 2003, is Singapore’s national digital identity system used to authenticate access to a wide range of online services, including government portals and medical appointments.
With over 4.2 million users and processing more than 41 million transactions monthly, Singpass uses biometric authentication or SMS two-factor authentication (2FA).
The move is part of broader security measures implemented by banks in Singapore, including the retirement of one-time passwords (OTPs) for customers with digital tokens and the introduction of a kill switch to safeguard against scams.
Singapore’s efforts to enhance cyber resilience in the banking sector come amid growing cyberattacks targeting financial services, particularly in the Asia-Pacific region. In July, security researchers at Resecurity uncovered a significant increase in the sale of stolen Singpass accounts and identity information from Singaporean citizens on the dark web.
The stolen data, which includes biometric details such as fingerprints and facial information, is being used for identity theft, impersonation scams, and bypassing Know Your Customer (KYC) protocols. Resecurity reports a 230 percent rise in underground vendors selling this information compared to the previous year, with a surge in data breaches contributing to the increase.
Source: Technology For You
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September 23, 2024 – by Tony Bitzionis
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