Banks to require Singpass face verification for customers setting up digital tokens

SINGAPORE: &nbsp, Bankers in Singapore will shortly need Singpass experience verification for clients setting up their online tokens, in an effort to avoid scams. &nbsp,

Major retail banks will gradually implement this over the next three months to improve the customer-facing digital token setup process, according to &nbsp, the Monetary Authority of Singapore ( MAS ), and The Association of Banks in Singapore ( ABS ), on Wednesday ( Sep 18 ). &nbsp,

In higher danger scenarios, singapore face confirmation will be activated in order to improve and enhance existing digital key setup procedures, they said.

This involves a mouth scan to verify a company’s identity against federal information before the customer’s online token can get activated. &nbsp,

In their joint media release, MAS and ABS stated that this makes it more difficult for a scammer to install a customer’s digital token by setting it up on his own device using phished credentials like an SMS, one-time passwords ( OTPs ) or bank card information. &nbsp,

Customers who do n’t already have a Singpass account can sign up for one and download the Singpass app before creating a digital token. &nbsp,

Singpass experience validation is the most recent safety measure banks are implementing to protect clients from scams, according to MAS and ABS. &nbsp,