Greater Security Measures in Place Ensure the Safety of Singaporeans When Transacting Online
Singapore’s national authentication system is about to be improved as the planned SingPass upgrade is set to ensure greater online security.
Developed by GovTech, the movie is already in place to find a contractor. GovTech is sourcing a suitable candidate who can build a system that can detect fraud in real-time. These capabilities will be like the one used in the financial sector. This will help put a stop to fraud and any account takeover attempts.
It is anticipated that the new system will be rolled out sometime early next year. The Identity Fraud Analytics System will sound the alarm as soon as any unusual activities are detected. The authorities will be notified immediately. Even login attempts initiated by bots will now easily be detected.
SingPass is slowly moving away from the old way of detecting fraud in favour of adopting artificial intelligence and machine learning. This new system will detect any malware presence and predict any unauthorised usage on devices not recognised.
The upgrade will improve security for high-risk online transactions like bank account openings, fund transfers and withdrawals. The current SingPass technology is about 17-years old. Clearly, it’s time for some improvements. SingPass is about to become the pink NRIC’s digital equivalent. This will make Singapore the first country in the world to do this.
The SingPass upgrade was given the push thanks to DBS and OCBC bank’s recent attempts to improve login and mobile banking verification using the biometric feature in SingPass.
Singapore is on track to building its National Digital Identity ecosystem. All users will need now is one digital identity. This identity will enable them to transact safely and securely in both the public and private sectors.
The Future with SingPass Upgrade
Experts are anticipating that the SingPass upgrade will make the system even more powerful and versatile than the pink NRIC. Even when verifying over-the-counter documents. SingPass has over 1.6 million users of its mobile app where they store a lot of sensitive information. It won’t be long before Singaporeans will be able to open a bank account with facial recognition. All they need to do is scan their face. No more uploading NRIC scanned documents or having to do it in person.
It is very possible that cashier’s orders valued at more than $10,000 can be authorised with the new system too. No more over-the-counter transactions needed. SingPass is aiming to secure all its private and public sector transactions. Therefore, it needs to step up its security efforts and they are well on their way to doing it.