The Monetary Authority of Singapore (MAS) is seeking comments on the types of information required for non-face-to-face verification of an individual’s identity.
Its consultation paper will use this advice to shape regulation and better combat the rise of impersonation scam cases and theft of personal data, it said.
Under the proposed notice, financial institutions would be required to ask customers for a specific identity verification information when engaging with them for phone banking or online banking, transaction completion or any requests provided by the customer.
These identity information options include: information that only the individual knows, such as password or PIN; information only the individual has, such as one-time password; information that uniquely identifies the individual based on biometrics; or information only known between the individual and the financial institutions, such as account transaction information.
These changes will prohibit a finanical institution relying on common personal information such as NRIC number, residential address and date of birth as the sole means of identity verification.
MAS chief cyber security officer Tan Yeow Seng said, “Personal information such as NRIC number and date of birth are often provided by members of public for various purposes, such as filling in an application form. This information, if fallen into the wrong hands, can be used for impersonation fraud. Financial institutions already have in place these identity verification practices.
“The proposed Notice will further bolster consumer confidence in financial institutions by making these identity verification practices compulsory during non-face-to-face financial transactions. Consumers should also play their part by not disclosing their online banking login credentials such as account username, PIN number and one-time password.”
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