Australians are often credited as being early adopters of technology and are embracing the move
towards digital banking. New technologies such as payment rings, bracelets and mobile continue to
usher themselves into our society.
Due to high smartphone penetration in Australia, the use of biometrics has accelerated. With a huge
increase in online and mobile transactions, biometrics offers a quick and seamless way for customers to
login or authenticate payments, while maintaining high levels of security.
Australians are already used to using their fingerprints for identity authentication – Deloitte, for
example, found that Australians make an estimated 100 million imprints a day using smartphone
fingerprint scanners.
Since the introduction of the New Payments Platform (NPP), Australians can now make instant
payments for customers between their banks and other financial services providers. A transaction can
now be initiated with only a mobile number or email address which is great for consumers as it’s fast
and convenient, but it comes with an increased risk of fraud.
Given the limitations related to traditional pin and passwords, Australian banks are looking to replace
passwords with more secure biometrics. This will see technologies such as fingerprint scanning, facial
and voice recognition becoming more prevalent in the Australian market. A recent GBG and Forrester
study found that 77 per cent of Australian financial services have already implemented, or plan to
implement facial recognition within the next 12 months.
To give an example, ANZ Bank recently launched voice authentication technology on mobile, allowing
customers to authorise funds transfers using their voice. Other financial services, such as Mastercard,
allow selfies for the confirmation of payments. But with an an increasing number of fraud offences in
Australia involving identity-related crime, the introduction of biometrics provides greater security for
both the consumer and the merchant.
Biometric systems are also used by a range of government agencies in Australia (e.g customs and border
security and ATO) to establish and verify a person’s identity with greater accuracy. This will continue to
be adopted more broadly across the private sector.
When you look at England, with Metro Bank, consumers can now open a bank account without even
going into a branch. All that is needed is a photo ID and a selfie and you are ready to bank. As the cost of
biometric technologies decrease and the availability of software applications increase, Australians
should expect to see the continued adoption of biometrics in banks and other financial services. Not just
to ensure a quicker, more seamless process for consumers but also to ensure the security of their
identity information.
SINGAPORE - About 30 per cent of the Government's total expenditure this year is being set aside to
support defence, security and diplomacy efforts, which is "a significant but indispensable spending", said
Finance Minister Heng Swee Keat.
As he outlined plans in these areas in his Budget speech on Monday (Feb 18), Mr Heng said the
Government will invest more, if the need arises, to protect Singapore's sovereignty and Singaporeans'
well-being.
He said: "Everyone has a role to play to keep Singapore safe and secure. Let us continue to stay united in
defending our home and way of life."
Defence and security issues took up a greater focus of this year's Budget compared to previous years,
with Mr Heng speaking on them at the start of his speech.
Noting that a safe and secure Singapore will "give us the confidence to chart an independent course", he
said Singapore cannot take its peace, prosperity and stability for granted, as it remains vulnerable to
regional and global fluctuations.
Also, Singapore cannot waver in its commitment to defence and security - with diplomacy and
deterrence as twin pillars of its approach - against an increasingly uncertain geopolitical environment.
Besides building good relations with neighbouring countries and major powers through the Ministry of
Foreign Affairs (MFA), Mr Heng also noted how the Singapore Armed Forces (SAF) lends weight to
diplomatic efforts and ensures that negotiations with Singapore are taken seriously.
"Should diplomacy fail, we must stand ready to safeguard our interests, and defend ourselves," said Mr
Heng, adding that Home Team agencies as well as the Cyber Security Agency of Singapore also ensure a
safe environment and secure cyberspace for all.
He said the SAF remains a bulwark against threats to Singapore's way of life, as security threats are
evolving and becoming more complex, even though Singapore is one of the world's safest cities with
consistently low crime rates.
Mr Heng cited how the threat of terrorism remains high, with Singapore continuing to detect individuals
here who have been radicalised as it sees a global rise in attacks globally by radicalised individuals and
cells.
In addition, the threat of malicious cyber activities is also growing, and enhanced connectivity can be
exploited to disrupt and divide society through cyber attacks, as well as the spread of falsehoods and
other means, Mr Heng said.
Related Stor"In particular, foreign actors will try to influence our domestic affairs and politics. This is not
new, but new technologies have made it easier for others to mount attacks with greater ease and
intensity, and with more sophisticated tactics," he added.
To stay ahead of these threats, Mr Heng said Singapore must continue to innovate and build new
capacities to meet security needs.
In that same vein, the Home Team Science and Technology Agency will be set up by the Ministry of
Home Affairs (MHA) by the end of this year, to develop science and technology capabilities and support
the ministry's operational needs.
"These capabilities will strengthen the Home Team's ability to carry out its mission of safeguarding
Singapore," said Mr Heng, adding that more details will be given by the Home Affairs Minister during the
debate on each ministry's budget.
The private security industry has also been boosting efforts in this aspect, said Mr Heng citing how
private security firm Certis Cisco redesigned its business processes and uses technology like Big Data and
artificial intelligence to deal with security threats.
The MHA will also help the private security industry innovate and use technology to meet growing needs
and be an effective partner to the Home Team, he added.
But every Singaporean needs to play a part too in keeping Singapore safe and secure, through the Total
Defence approach, said Mr Heng.
At the national level, Singapore plans long term and takes measures such as stockpiling critical supplies,
diversifying sources of water supply and strengthening its food security.
He said that as a people, Singaporeans must have the "psychological and emotional resilience to face
crises stoically".
"As threats get more sophisticated, Singaporeans must stay vigilant and guard against non-conventional
forces that threaten to divide us," said Mr Heng.
Touching on the importance of national service (NS) and how it has helped forge a deep understanding
that each Singaporean has a duty to defend the nation, he urged families and employers to support
national servicemen in every way possible.
In recognising the importance of guarding against cyber threats, a sixth pillar of digital defence was
incorporated to Singapore's Total Defence framework, said Mr Heng.
The new addition to the existing five pillars of military, civil, economic, social and psychological
defence was launched last week by Communications and Information Minister S. Iswaran, who is also
the Minister-in-charge of Cyber Security.
Said Mr Heng: "Like other pillars of Total Defence, digital defence involves everyone - individuals,
community groups, businesses and the Government.
"We must all play our part to be secure, alert and responsible online, be it through practising good cyber
hygiene, being vigilant against fake news, and helping one another use technology safely."