Under the proposed notice, financial institutions now have to use an individual’s password or PIN, one-time password generated by a hardware or software token, account transaction information or face or fingerprint recognition before it conducts any transaction request from an individual.
The Monetary Authority of Singapore (MAS) has issued a consultation paper that details the types of information required for non-face-to-face verification of an individual’s identity.
The paper, which was released on Nov 10, comes amid the rise of impersonation cases. The proposed requirements also seek to address the risks arising from theft and the misuse of an individual’s personal particulars.
