Singapore rolls out facial verification for online banking

Major retail lenders step up security measures to tackle phishing scams

Facial verification is facilitated by Singpass, a national digital identity platform that enables users to securely access government and business services online. © Reuters

TSUBASA SURUGA, Nikkei staff writer

September 18, 2024 18:30 JST

SINGAPORE -- Bank customers in Singapore will need to use facial verification in an online process to approve their transactions, the country's financial regulator and banking association announced on Wednesday in an effort to prevent online phishing scams.

Over the next three months, major retail banks will progressively require face scanning to verify a customer's identity using national records when setting up digital tokens, according to the Monetary Authority of Singapore and the Association of Banks in Singapore.