SFV employs a facial scan to verify a customer's identity against national records before activating their digital token. This makes it more difficult for scammers to hijack customer accounts by setting up digital tokens on their own devices using phished credentials like SMS messages, one-time passwords (OTPs), or bank card information.
Singapore's major retail banks will gradually introduce Singpass Face Verification (SFV) for the digital token setup process over the next three months.
SFV will be activated in high-risk cases to bolster existing authentication methods for digital token setup, according to a joint press release by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).
