Singtel's SingVerify to tackle scams, boost digital security

Singtel has unveiled SingVerify, a suite of solutions aimed at curbing account takeovers and unauthorised payments - thus boosting the fight against scams. Through SingVerify, service providers can validate customers' identities in real-time by matching information such as phone numbers with data registered with the telecommunication company, thereby ensuring the identity of their customers in a secure and seamless manner.

Singtel has also joined forces with M1 to federate telco APIs at a national level - an initiative that is among the first in the world. Both companies are set to work together to help mitigate fraud instantly and provide stronger protections for Singapore and its citizens.

While pioneering such an approach in Singapore, Singtel aims to use SingVerify to make a significant difference globally. The suite of solutions will allow service providers to counter fraud attempts, including phishing and malware app scams. Service providers such as banks and e-commerce platforms could benefit greatly from this advanced fraud detection and prevention mechanism.

The suite's first release is Number Verify, an application that authenticates customers' identities by correlating their phone numbers with account details provided to the service provider. According to Singtel's Chief Executive Officer, Ng Tian Chong, "This game-changing solution will replace complicated authentication methods yet protect consumers. 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."

The spike in scam cases in recent years has necessitated such robust measures. The Singapore Police Force reported a sharp increase in scams, with 50,376 cases recorded in 2023, a rise of nearly 50 percent compared to 2022. Losses equalled a hefty sum of $651.8 million.

SingVerify is designed based on the GSMA Open Gateway framework, ensuring universal access and enabling swift deployment across different mobile networks. Alex Sinclair, Chief Technology Officer at GSMA, emphasised the importance of technology communities working together to tackle digital fraud. As such, he commended Singtel for launching digital fraud solutions, like SingVerify, which endorse the GSMA Open Gateway framework's open and interoperable nature.

Integration of SingVerify will not disrupt ongoing services as it efficiently fits into existing user verification or authentication procedures, thus ensuring a frictionless user experience. Notably, Tiger Brokers and IPification have already incorporated SingVerify into their framework, set to provide enhanced security and efficient verification processes to users by mid-2024.

The alliance between Singtel and M1 will offer both consumers and enterprises more secure and verified digital transactions. Mustafa Kapasi, Chief Operating Officer of M1, underscored this relationship as a decisive move to safeguard users and businesses against evolving digital threats. Overall, Singtel's SingVerify and collaboration with M1 portray a promising step towards a more secure digital future.