According to Decision No. 2345/QD-NHNN dated December 18, 2023 of the Governor of the State Bank (SBV) on implementing safe and secure solutions in online payment and bank card payment, from date From July 1, all money transfer transactions worth 10 million VND or more must go through biometric authentication for the person sending the money.
Customers when making transactions that exceed the threshold as prescribed by the State Bank of Vietnam or when making the first transaction when installing or reinstalling a mobile application on a new device will need to add a biometric authentication step using face.
Specifically, for money transfer transactions of over 10 million VND/time or less than 10 million VND/time but the total amount of transactions in the day is 20 million VND or more, the next transfer method of that day must be supplemented with a method. facial authentication.
Money transfer transactions under 10 million VND/time or total transaction value not exceeding 20 million VND/day must be authenticated with Smart/SMS OTP code as usual, no face authentication required.
Add facial authentication method. Photo: Hoang Ha
In addition, according to Article 2 of Decision 2345/QD-NHNN, individual customers, before making their first transaction using a banking application (mobile banking) or before making a transaction on a device other than the device they are making their first transaction with, closest, must also be biometrically identified.
This regulation is intended to ensure user safety against increasingly complex fraud, while also preventing cases of lending and leasing accounts.
Decision 2345 was issued by the SBV from December 2023 and will not be implemented until July 2024. This is to give banks more time to prepare facilities, ready to meet new regulations in transactions, to ensure the rights and safety of users.
Biometric authentication helps make transactions safer and more secure when using the customer’s own biometric data that has been authenticated with the Ministry of Public Security to transact, encrypt and protect customer information against hackers. cybercrime risk.
Therefore, people need to install biometrics and authentication before July 1 for safe and uninterrupted transactions.
Steps to set up biometrics and authenticate during transactions
Up to now, banks have had specific instructions for customers in registering for biological authentication.