Banks may soon tighten customer verification process amid rise in scams

Singapore

FINANCIAL institutions (FIs) are due to go beyond using NRIC numbers and birth dates to verify customers' identity for services such as phone or online banking.

With impersonation scam cases on the rise, the Monetary Authority of Singapore (MAS) has proposed additional forms of information required for non-face-to-face verification of an individual's identity. It issued a consultation paper on this on Tuesday, saying that the move is meant to address the risks of theft and misuse of an individual's personal particulars.