MAS Plans to Strengthen eKYC Amid Rising Identity Scam Cases

The Monetary Authority of Singapore (MAS) issued a consultation paper on the types of information required for non-face-to-face verification of an individual’s identity or better known as eKYC by the industry. These 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.

In the new proposed requirement, it would be mandatory for banks to use one of the following type of information for non face to face verification; passwords or PIN, biometrics, token generated password, or information only known between the bank and customer such as transaction information.

Read more: Fintech News Singapore