Singapore Proposes to Strengthen FIs’ Identity Verification Process
11 Nov 2020

MAS (Monetary Authority of Singapore) has issued a consultation paper on the types of information required for non-face-to-face verification of an individual’s identity.

The proposed requirements come against the backdrop of rising impersonation scam cases, and seek to address the risks arising from theft and misuse of an individual’s personal particulars.

Under a proposed Notice, it would be mandatory for an FI to use at least one of the following types of information for non-face-to-face verification, through channels such as phone banking or online banking, before it undertakes any transactions or request from an individual:

  • Information that only the individual knows, such as password or PIN
  • Information that only the individual has, such as OTP generated by a hardware token issued to the individual or software token activated on the individual’s mobile device
  • Information that uniquely identifies the individual, based on the individual’s biometrics, such as face or fingerprint recognition
  • Information that is only known between the individual and the FIs, such as account transaction information

The proposed Notice will also prohibit FIs from relying on common personal information such as NRIC number, residential address and date of birth as the sole means of identity verification.

Read more at Regulation Asia

Read the consultation paper here

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