Singtel has launched a new tool called SingVerify, which added a layer of security to users’ data on Singtel and M1 to combat online scams. SingVerify operates discreetly in the background, serving as a deterrent to scammers attempting to exploit stolen credentials for unauthorized access to banking or e-commerce accounts. The transaction will be blocked if a scammer tries to use a device lacking the victim’s SIM card.
SingVerify primarily targets banks and e-commerce platforms that handle money and user data. Interested firms must subscribe to the SingVerify service to benefit from its benefits. Singtel has partnered with various entities, including online trading app Tiger Brokers and mobile authentication service provider IPification, to implement SingVerify.
Furthermore, agreements have been made with M1 to share real-time authentication services so enterprises using SingVerify can authenticate M1 customers for future expansion. In July, SingVerify will include enhancing identity verification by verifying users’ locations.
SingVerify improves current authentication methods by utilizing real-time SIM card data. It is important because traditional methods like SMS one-time passwords, biometric scans, and verification apps are vulnerable to scam tactics. SingVerify is a final line against phishing attacks and social engineering tactics by reducing the risk of human error in authentication processes.
“With SingVerify, we can augment the multi-factor authentication process by leveraging real-time telco network data and conducting authentication in the background…mitigating the human risk in authentication,” said Singtel enterprise managing director Lim Seng Kong.
While SingVerify verifies users’ identities, it does not divulge sensitive information. Instead, it informs banks or e-commerce whether a user’s identity is valid.
