Major retail banks in Singapore to introduce SFV to mitigate phishing

As detailed in the official press release, SFV is set to be triggered in higher-risk scenarios to solidify and complement pre-existing authentication mechanisms for DT setup. The solution utilises a face scan to verify a customer’s identity against national records before their DT can be activated. Through this, authorities aim to make it more complex for scammers to take over a customer’s DT by integrating it on their device leveraging phished credentials, including an SMS, one-time passwords (OTPs), and bank card information.

The implementation of SFV comes shortly after MAS and ABS announced that banks in the region intend to better protect customers against phishing by discontinuing the use of OTPs for account login for users of digital tokens. Besides these mechanisms, authorities, together with Singaporean financial institutions, delivered other initiatives and self-help tools, including the Money Lock feature, which enables individuals to lock up specific amounts of their funds that cannot be accessed digitally. By introducing these measures, Singapore focuses on stepping up its defences against scams and fraudulent activities in the financial sector.

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