The Monetary Authority of Singapore stated that the introduction of facial recognition for higher-risk banking transactions significantly reduces the chance of scammers taking over a user's digital token, making unauthorized access through compromised credentials much harder.
"Customers who need to set up digital tokens must first register for a Singpass account and use the Singpass app, reinforcing the multi-layered approach to digital security we are implementing across the banking sector." - MAS
Singpass, Singapore’s national digital identity system, facilitates secure access to over 2,700 services across 800 agencies. Introducing facial recognition strengthens its existing authentication framework, which already incorporates biometrics and SMS 2FA.
The recent mandate for facial recognition aims to enhance user security against a backdrop of rising scams, reflecting a proactive approach to protecting customers in increasingly digital banking landscapes.
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