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SINGAPORE- OCBC customers who wish to do so can enter their NRIC number and look in front of a camera to verify the balance of their accounts at the bank’s ATMs.
OCBC said the new ATM facial biometrics feature will eliminate the need to carry an ATM card, which can be stolen or stolen.
ATMs will only be able to inquire about account balance using face verification for now.
An ATM at OCBC Tampines Center 2 will offer the service starting Friday (March 19), and another, at the Taman Jurong Mall, starting Monday.
Six more will be operating by the end of next week, the bank said Thursday. They will be at Pickering Street, OCBC Tampines Center One, HDB Hub, 103 Yishun Ring Road, a Geylang Road 7-Eleven store, and the bank’s learning and development center, OCBC Campus.
The use of biometric authentication by financial institutions is not new and has been implemented for online financial services and telephone banking, said the Monetary Authority of Singapore (MAS).
A spokesperson for MAS said: “MAS does not prescribe any specific technology to be used for authentication, and financial institutions are encouraged to innovate to meet the security and convenience needs of their customers, while ensuring that MAS requirements on strong security controls, data confidentiality and the responsible use of data is complied with “.
The face verification feature will be extended to cash withdrawals at OCBC’s 550 ATMs in Singapore progressively from June, and will be extended to other ATM transactions including cash deposits, funds transfers to other banks, recharges of CashCard and credit card bill payments starting next year.
Account balance inquiries and cash withdrawals are the most widely used ATM services, accounting for about eight in 10 of all ATM transactions made by OCBC customers.
Since July 2019, customers can scan a QR code at ATMs using the OCBC Pay Anyone app to withdraw cash.
OCBC is leveraging Singapore’s national digital identity infrastructure and Singpass face verification technology to securely verify customers for cardless ATM banking transactions.
To use the face verification feature, bank customers can select a desired service before entering their NRIC number on the ATM screen. They will be asked to place their face within a frame on the screen, while an Internet-enabled camera scans their face and verifies it in real time against the national biometric database to which the ATM network is digitally linked. OCBC.
Once the scan is verified, the customer can proceed with the ATM transaction.
The feature is integrated with security features to prevent fraud, including life detection technology that blocks the use of photos, videos, or skins.
OCBC’s director of consumer financial services, Sunny Quek, said that digital adoption within the bank has grown year-over-year last year with more than 40 percent more customers registered with PayNow, and PayNow transactions doubled since 2019.
QR code cash withdrawals at OCBC ATMs also grew 88 percent year-on-year in 2020.
“While cash remains a key mode of payment in Singapore, consumers welcome the digital overlay to get cash … Since many customers are already embracing QR cash withdrawals without having to use an ATM card, verification facial will add a layer of convenience to more customers as they access our banking touchpoints, “said Quek.
In 2015, OCBC allowed customers to authenticate access to its mobile banking app to access their banking information using their fingerprints and subsequently their face in 2017.
Last July, the bank leveraged the National Digital Identity infrastructure to introduce an alternative digital login using the customer’s Singpass to access digital banking services, eliminating the need for customers to remember multiple access codes and PIN.
DBS Singapore Country Head Shee Tse Koon said customers have benefited from the convenience of face verification technology since last July.
He said: “From retail business accounts to small and medium-sized businesses, customers have been using Singpass’s face verification feature to apply for their digital bank accounts.
“As an organization that is at the forefront of digital banking, DBS will continue to explore ways to expand the use of face verification and emerging technologies in our digital services and self-service machines to provide a seamless and joyous banking experience for our customers. “
More than 25,000 customers have used Singpass Face Verification technology to date, and most of them use the feature to securely retrieve their Digibank user credentials, he added.
Commenting on OCBC’s ATMs with facial recognition technology, Feixiang He, senior threat intelligence analyst at Singapore-based cybersecurity company Group-IB Feixiang, said: “PINs could be overridden by phishing attacks. Increasingly, physical bank cards (can be Biometric characteristics are generally considered more difficult to abuse than knowledge and ownership factors.
“The combination of NRIC and facial recognition provides two-factor authentication that further enhances security.”
The feature could also pose a threat, as determined criminals will no longer steal an ATM card, but instead may force the victim to visit an ATM to withdraw money, said Jeffrey Kok, vice president of solutions engineers at CyberArk for Asia-Pacific and Japan.
“As biometric technology advances, so do the levels of sophistication of attackers as they develop new attack vectors and social engineering. However, this risk can be mitigated with our robust law enforcement measures, surveillance that protect our ATM infrastructure and public education, which serve as very strong deterrents, “Kok said.
OCBC said it has implemented security measures to protect customers and their ATM transactions, including closed circuit television (CCTV) footage and remote CCTV viewing and video analytics to improve monitoring of bank ATMs. .
The new function also generated mixed reactions from OCBC bank customers.
Said 35-year-old civil engineer Rion Tng, who uses OCBC ATMs at least three times a week: “I will probably not use the ATM until it is proven safe. I will be cautious at first, as I have read reports that there were ways to cheat Apple’s Face ID facial recognition technology. “
Others feel safer with technology.
Nurse Suliha Bivi, 53, uses OCBC’s ATMs two or three times a week. She said: “There have been a lot of ATM scams and fraud recently. I am more relieved that with the facial recognition feature, it will be more difficult for scammers to log into an account.”
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