Singapore – Aiming to reduce the risk of scams in the country, communications technology group Singtel has recently announced the launch of its new authentication solution tailored specifically to counter account takeovers and unauthorised payments in Singapore.
For this launch, Singtel named the solution “SingVerify,” an initiative that verifies digital identities registered on consumer services or platforms using telco data.
This solution enables on-demand and secure access to telco capabilities via application programming interfaces, leading the way for telco networks to serve as a direct authentication solution for securing digital identities.
SingVerify works in accordance with the globally recognised GSMA Open Gateway2 framework, allowing more service providers and end-users to benefit from the solution. The said framework initiative is designed to provide universal access, ensure rapid deployment, and facilitate integration across various mobile networks.
As a result, service providers, such as e-commerce platforms or banks, can utilise this solution to reduce phishing and malware app scams. Consequently, it facilitates a smoother, frictionless multi-factor authentication process, as consumers’ digital identities are instantly and directly verified between the telco and service providers.
Ng Tian Chong, chief executive officer at Singtel Singapore, commented, “Phishing scams continue to impact many innocent people. In today’s digital economy, technology is pervasive, and we’d like our customers to be able to enjoy the benefits of a digital lifestyle safely. That’s why we launched SingVerify—a game-changing solution that’s eliminating complicated authentication methods while protecting consumers.”
“By designing SingVerify according to the GSMA’s framework, this solution can be easily deployed by any service provider. We’re confident that SingVerify will play a critical role in mitigating fraud in real-time, safeguarding critical customer data, and preventing potential financial losses for many consumers,” Ng further explained.
Alex Sinclair, chief technology officer at GSMA, also shared, “Criminal gangs are exploiting new digital vulnerabilities globally, regardless of national borders. This means we can only fully tackle digital fraud by working together as a technology community to share knowledge and design innovative digital solutions that work universally, wherever you are in the world. I’m delighted to see Singtel launching new digital fraud solutions that take this approach and embrace the open and interoperable nature of the global GSMA Open Gateway framework.”
Joining the fight against these scams in Singapore, all-in-one trading platform Tiger Brokers and mobile authentication provider IPification have also integrated SingVerify into their current security frameworks.
Speaking about the initiative, Felix Huang, head of global solutions at Tiger Brokers, stated, “Tiger Brokers is constantly on the lookout for enhancements to serve our clients better. With the pervasive use of mobile authentication, it’s imperative to bolster our defences. Which is why we’re excited to be adding SingVerify to our slew of security measures—to support our enhanced secure customer service experiences.”
Meanwhile, Stefan Kostic, CEO at IPification, said, “We’re hyper-aware that digital fraud has been rapidly increasing globally, and digital platforms are particularly targeted, especially when relying on passwords to protect their users. Our mission has always been to protect consumers without introducing any additional friction to their user experience. By partnering with Singtel, we are delighted to bring seamless authentication solutions such as SingVerify to businesses, including Tiger Brokers and their customers in Singapore.”
The said integration enhances the said parties existing authentication security measures and enables more efficient verification processes. Users of these services can anticipate the benefits starting in the first half of 2024.
