Singtel announced the launch of SingVerify, a suite of solutions that authenticates digital identities registered on consumer services or platforms against telco data – a first by a telco in Singapore.
With on-demand and secure access to telco capabilities through application programming interfaces (APIs), SingVerify will pave the way for the use of telco networks to secure digital identities as a direct authentication solution. Service providers, like ecommerce platforms or banks, for instance, can deploy this solution to mitigate phishing and malware app scams. It also enables a smoother, frictionless multi-factor authentication process as consumer’s digital identities are verified instantly and directly between the telco and service providers.
The first solution from the suite to be launched is Number Verify, an application that validates customers’ identities by matching their phone numbers with their registered account details on the service provider’s platform. Additional APIs such as Device Location and more will be added to the suite in the future to augment service providers’ authentication and fraud detection toolkits.
According to the Singapore Police Force, there have been 50,376 scam cases in 2023 – a 49.6% increase compared to the 2022. Phishing scams were a top five scam concern, making up 12.8% of all scam cases. A total of $651.8 million was lost to scam cases in 2023[1].
SingVerify is designed and works in accordance with the GSMA Open Gateway[2] framework, a globally recognised initiative that is designed to provide universal access and ensure swift deployment and integration across different mobile networks, allowing more service providers and end users to benefit from the solution.
Thorough authentication solution for service providers
With SingVerify, service providers will be able to validate customers’ identities – matching customers’ phone numbers registered with a service provider against real-time information telco’s data, helping service providers authenticate their customer’s identity securely and seamlessly. This involves authenticating a user’s identity during processes such as login or password resets, digital payments or transfers across a range of services like banking, social media, ride shares, mobile wallets. Authentication is conducted in the background, significantly reducing the opportunities for scammers to take over the two-factor authentication (2FA) or multi-factor authentication (MFA) process.
Frictionless user experience
SingVerify is enabling smoother and faster user experience as it can be easily integrated into existing user verification or authentication solutions and processes – ensuring no disruption to ongoing services. For example, consumers can disregard the need for a typical six-digit code which is often required in other authentication methods.
Early adopters joining the fight against scams in Singapore
All-in-one trading platform, Tiger Brokers, and mobile authentication provider, IPification, have integrated SingVerify into their existing security frameworks – bolstering their existing authentication security measures and enabling more efficient verification processes. Users of these services can expect to benefit from the first half of 2024.
Ng Tian Chong, Chief Executive Officer, Singtel Singapore
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 yet 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.
Alex Sinclair, Chief Technology Officer at the GSMA
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.
Felix Huang, Head of Global Solutions at Tiger Brokers
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.
Stefan Kostic, CEO at IPification
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.
