According to regulations of the State Bank (SBV), from July 1, credit institutions must apply biometric authentication solutions for money transfer transactions over 10 million VND, information of the remitter. must match the database from the chip-embedded citizen identification card (CCCD).
New solution to prevent fraud
Decision No. 2345/QD-NHNN on implementing safe and secure solutions in online payment and bank card payment of the State Bank clearly states: from July 1, money transfers over 10 million VND must be authenticated using a form. face, fingerprint; The total amount of transactions over 20 million VND/day must be authenticated by biometrics (can use chip-mounted CCCD, VNeID account or biometric data stored in the bank’s database).
According to experts, biometric authentication can minimize the possibility of counterfeiting and has the highest security today. This solution allows management agencies and service providers to accurately identify the account owner, the person making the transaction, and the beneficiary. Thereby contributing to further improving the effectiveness of crime prevention using high technology in cyberspace.
These solutions are aimed at responding to the situation where the financial industry is always the top target of high-tech criminals. Subjects often use unofficial bank accounts and e-wallets to fraudulently receive and transfer money, then use cryptocurrency (USDT, Bitcoin…) as a money laundering tool. “The State Bank has researched and amended legal regulations, applying biometric authentication for individual customers when making online transactions, banks must identify the person using the payment account as the correct person. owner” – representative of the State Bank of Vietnam informed.
Banks begin implementing biometric data authentication to prepare for money transfer transactions over 10 million VND from July 1. Photo: BINH AN
As noted by Nguoi Lao Dong Newspaper reporter, up to now, a series of banks have implemented solutions, encouraging customers to install and authenticate transactions using biometrics on digital banks.
For example, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) deploys biometric transaction authentication method on the BIDV SmartBanking application. Accordingly, when customers transfer money over 10 million VND/time or under 10 million VND/time but the total transaction amount per day is 20 million VND or more, face authentication must be performed.
BIDV also recommends that individual customers, before making their first transaction using the Mobile banking application or before making a transaction on a device other than the device on which they last made the transaction, need to set up biometrics for authentication to ensure safety. ensure safe and secure transactions.
Asia Commercial Joint Stock Bank (ACB) said it is ready for biometric money transfer authentication. Before making the first transaction using the Mobile Banking application or on another device, the Bank will authenticate the customer with a biometric identifier that matches the data stored in the chip of the CCCD card; or through authentication of the customer’s electronic identity account created by the electronic identification and authentication system…