Singapore moots mandatory offsite verification for financial institutions

Singapore is considering the need for various personal information, such as password and biometrics, to facilitate “non-face-to-face” verification for financial services. This comes amidst a rise in impersonation scam cases and risks of personal data theft.

In a consultation paper released Tuesday, the Monetary Authority of Singapore (MAS) mooted the mandatory use of at least one of a several types of information to verify individuals tapping an offsite financial service channel, such as phone or online banking, before processing any transaction or request.

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Source: ZDNet