Singtel, a leading telecommunications company, has unveiled a groundbreaking suite of digital security solutions aimed at combating online fraud. This initiative leverages network Application Programming Interfaces (APIs) to authenticate digital identities efficiently, marking a significant step towards enhancing the security of online transactions.
The newly launched SingVerify service, inspired by the GSMA’s Open Gateway framework, utilizes the Number Verify API to streamline the multi-factor authentication process. This innovation offers a smoother user experience without compromising security, addressing the growing reliance of banks, retailers, and subscription services on robust authentication methods to deter fraudulent activities.
Singtel’s ambitious plan includes the future integration of additional APIs, such as Device Location, to further refine SingVerify’s fraud detection capabilities. This development comes in response to a surge in scam incidents, with Singapore experiencing a nearly 50% increase in scam cases in 2023, leading to substantial financial losses.
Highlighting the importance of this innovation, Singtel Singapore CEO Ng Tian Chong emphasized SingVerify’s role in enabling customers to safely enjoy the benefits of digital advancements. The solution’s compatibility with the GSMA framework ensures its accessibility to various service providers, promising a wide-reaching impact on fraud prevention.
SingVerify has already garnered support from key players like Tiger Brokers and IPification, who plan to incorporate the service into their security measures. This move is expected to offer their customers in Singapore a more secure digital experience.
Moreover, Singtel’s collaboration with M1 through a Memorandum of Understanding (MoU) underscores a shared commitment to leveraging network APIs for better authentication and fraud detection. This partnership aims to provide enterprises and consumers with more secure digital transactions by offering access to real-time telco network data.
As digital fraud continues to pose a significant threat globally, solutions like SingVerify highlight the potential of network APIs to offer not only a new revenue stream for telcos but also a robust mechanism for safeguarding digital identities and transactions against evolving threats.
