Singtel has launched SingVerify, Singapore’s first cutting-edge suite of solutions developed to authenticate digital identities registered on consumer services or platforms against telco data.
Using application programming interfaces (APIs), SingVerify will enable on-demand and secure access to telco capabilities, allowing telcos to directly authenticate digital identities.
Ng Tian Chong, Chief Executive Officer, Singtel Singapore, highlighted the impact of phishing scams (which inspired the development of this ground-breaking solution).
“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.”
Number Verify is the first solution to be introduced, which was developed to combat phishing and malware software frauds by matching phone numbers with registered account details on the service provider’s platform. Moving forward, there are plans to incorporate additional APIs, such as Device Location.
SingVerify allows service providers to verify clients' identities by comparing phone numbers with real-time telco information. The authentication process occurs automatically when login, password resets, and digital payments in services such as banking, social media, ride shares, and mobile wallets are conducted.
The solution significantly decreases the likelihood of scammers taking advantage of two-factor authentication (2FA) or multi-factor authentication (MFA) procedures. Service providers such as ecommerce platforms or banks can utilize this technology to reduce phishing and malware app scams.
Collaboration with M1
Singtel has also partnered with M1 to fight digital fraud at a national level. The two companies signed a memorandum of understanding (MoU) at Singtel’s Future Innovation Centre.
Present at the signing were Lim Seng Kong, Singtel's Managing Director Enterprise; Mark Tan, M1's Chief Enterprise Strategy and Business Officer; Ng Tian Chong, Chief Executive Officer, Singtel Singapore; and Mr. Manjot Singh Mann, M1's CEO.
The agreement will utilize telco APIs to provide network-based authentication for mobile subscribers, improving the security and efficiency of digital transactions.
Based on standards and protocols established by the GSMA, the partnership will provide interoperable APIs for Singtel and M1 mobile subscribers with access to telecom capabilities securely and on-demand, which can simplify the process of user authentication.
“This collaboration with Singtel goes beyond a mere partnership; it is a decisive move to safeguard users and businesses against evolving digital threats. By federating APIs and leveraging the synergies in our network capabilities, we will offer both enterprises and consumers access to more secure and verified digital transactions,” said Mustafa Kapasi, Chief Operating Officer of M1.
The partnership adheres to the GSMA Open Gateway framework, which intends to expand the adoption of the joint solution to benefit additional service providers and end-users, representing a significant advancement in protecting digital transactions in the country.
