Deputy Prime Minister Gan Kim Yong said the Monetary Authority of Singapore (MAS) requires banks to implement multifactor authentication for online banking security, in response to a parliamentary question.
He was responding to a question on whether the government would work with digital-only banks to provide alternative biometric or non-facial verification options for Singpass.
The question focused on ensuring accessibility for medically vulnerable users who rely on nasal ventilation masks or other medical equipment that may obstruct facial recognition.
Gan said that for banks that use Singpass face verification (SFV) as one of the authentication factors, MAS expects them to offer alternative verification methods.
This applies to customers who are unable to use facial recognition technology, such as those with medical conditions.
Customers of banks, including digital-only banks, who encounter face verification issues can contact their bank’s customer service team for assistance.
Featured image: Edited by Fintech News Singapore, based on image by digitizesc via Freepik