Other initiatives and self-help tools include phasing out OTPs for bank account logins by digital token users and the Money Lock feature, through which customers can “lock up” specified amounts of their funds that cannot be accessed digitally.
Mrs Ong-Ang Ai Boon, director of ABS, said Singpass face verification provides customers with increased protection, adding to existing measures and tools provided by banks.
“The use of Singpass face verification will significantly strengthen the process of digital token setup. This is important as the digital token will be used as a factor to approve subsequent transactions,” said MAS assistant managing director for policy, payments and financial crime, Ms Loo Siew Yee.
In response to CNA’s queries, UOB said that it would be implementing Singpass face verification on its TMRW app from October.
“Singpass face verification is the latest of the many security measures that UOB, together with the industry, is rolling out to protect customers from scams,” said Ms Choo Wan Sim, head of UOB’s personal financial services for TMRW Digital.
“However, customers should be aware that scam methods are constantly changing and evolving, and these anti-scam measures are not foolproof.
“Our customers remain the singular most effective defence, so it is critical for them to always exercise vigilance and caution to safeguard themselves in this ever-evolving threat landscape.”
OCBC said that it would be rolling out the security feature by November.
“Customers may experience some friction during the provisioning of their digital banking token when these measures are rolled out,” said Mr Beaver Chua, head of anti-fraud at OCBC’s group financial crime compliance department.
“However, with the scourge of scams and their ever-evolving modus operandi still prevalent, these enhancements are much needed safeguards to prevent scammers from quickly gaining access to customers’ accounts and stealing their monies.”
CNA has contacted DBS for more information.
From: channelnewsasia
Business News
