This comes after Singapore’s first and only rollout of QR code cash withdrawals in July 2019
First bank in Southeast Asia enables face recognition at ATMs. Source: shutterstock.com
OCBC Bank has introduced facial biometrics for ATM services, thus taking Singapore closer to eliminating the need to carry around an ATM card.
For now, the new technology will be rolled out across 8 ATMs around the country. OCBC Bank will extend face verification for cash withdrawals to all OCBC Bank ATMs in Singapore progressively.
According to the report, OCBC Bank is the first to tap Singapore’s National Digital Identity infrastructure, SingPass Face Verification. This way, a customer’s scanned face is matched and verified against Singapore’s national biometric database containing the images and identities of 4 million Singapore residents.
Face verification is embedded with security features to prevent fraud, including liveness-detection technology that detects and blocks the use of photographs, videos, or masks during the verification process.
To use face verification, customers should select the ATM service they want before entering their NRIC number on the ATM screen. Afterward, will then be prompted to position their face within a frame on the screen, while a web-enabled camera takes a scan of their face. It verifies in real-time the scanned image against the national biometric database which OCBC Bank’s ATM network is digitally linked to. Once the facial scan is verified, the customer can proceed with their ATM transaction.
We’ve reported that regtech spending is likely to witness nearly 300% growth by 2025.
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