Biometric authentication to play role in bank scam fight

It is an urgent need to strengthen security for online transactions amidst burgeoning cashless payments, an official from the central bank has said, referring to biometric authentication to be mandatory from July 1.

Biometric authentication is expected to play role in bank scam fight. (Photo: VNA)

Biometric authentication is expected to play role in bank scam fight. (Photo: VNA)

It is an urgent need to strengthen security for online transactions amidst burgeoning cashless payments, an official from the central bank has said, referring to biometric authentication to be mandatory from July 1.

Under a decision of the State Bank of Vietnam (SBV), each online transaction worth above 10 million VND (392.65 USD) or daily transactions exceeding 20 million VND will require biometric information.

Biometric authentication uses biological identifiers such as fingerprints, irises, voices, and facial features, and is considered the most secure from frauds. The regulation is to foster security for bank accounts and prevent financial frauds which are on the rise in Vietnam.

Pham Anh Tuan, Director General of the SBV’s Payment Department, said Vietnam counts 182 million personal payment accounts, with more than 87% of adults owning at least one, adding the number of payments via QR codes has skyrocketed over the past time.

Experts have warned that traditional authentication methods using passwords and one-time password (OTP) are not strong enough against cyberattacks. Meanwhile, they said, biometric security will be matched to data stored in the national ID database.

Therefore, the biometric solution will make it easier for service suppliers and the central bank to manage accounts and transactions, they noted.

Apart from limiting virtual bank accounts, this type of authentication will help competent forces trace criminals and recover money from cyber scams, said Vu Ngoc Son from the National Cybersecurity Association.

Domestic banks have been sending their customers notifications and reminders to update their biometric registration in anticipation of the new rules.

According to Major General Nguyen Van Giang, Deputy Director of the Department of Cyber Security and High-Tech Crime Prevention (A05) under the Ministry of Public Security, in 2023, the total amount of money lost to online scams was estimated to be around 8-10 trillion VND, a 1.5-fold year-on-year increase.

Up to 91% of these fraudulent activities were related to financial schemes, with 73% of mobile device and social media users frequently targeted by scam messages and calls.

Against the backdrop, the department has advised people to stay vigilant, avoid risky actions like clicking on strange links and selling bank accounts, and use multi-factor authentication./.

Source: VNA
en.vietnamplus.vn

Related News

Latest News

Tax authority handles 9.6 billion of e-invoices

Tax authority handles 9.6 billion of e-invoices

VCN - Regarding the results of implementing electronic invoices (e-invoices), the General Department of Taxation said that from the implementation to August 19, 2024, the number of e-invoices received and processed by the Tax authority was 9.6 billion.
Strictly handle price gouging and stabilize consumer sentiment after storms and floods

Strictly handle price gouging and stabilize consumer sentiment after storms and floods

VCN - Storm No. 3 (Typhoon Yagi) has caused serious consequences, leading to food shortages and localized price gouging. Pham Van Binh, Deputy Director of the Department of Price Management, Ministry of Finance, said that it is necessary to strictly handle acts of profiteering and violations of price laws.
General Department of Taxation implements tax exemption, extension of taxes and fees for people and businesses affected by storm No. 3

General Department of Taxation implements tax exemption, extension of taxes and fees for people and businesses affected by storm No. 3

VCN – The General Department of Taxation issued official Dispatch to 26 local Tax departments to instruct tax exemption, extension of taxes and fees for people and businesses after storms and floods.
Insurance brings peace of mind to customers during Yagi typhoon

Insurance brings peace of mind to customers during Yagi typhoon

VCN - The Insurance Supervision Authority (Ministry of Finance) initially estimated that the total amount of insurance paid for human and property damage was about VND7,000 billion. However, with the severe damage caused by storm No. 3 (Yagi Typhoon) and the post-storm circulation, this number will certainly increase.

More News

Banks lend significant amounts to green projects

Banks lend significant amounts to green projects

Many banks have recently poured thousands of billions of Vietnamese dong into green projects.
Curbing stock market manipulation

Curbing stock market manipulation

VCN - Amending and supplementing a number of articles of the Law on Securities is necessary to ensure that the securities market operates more transparently and effectively, to ensure the rights of investors, to prevent fraudulent behavior, and to create conditions for the development of the securities market.
Control of major shareholders in banks

Control of major shareholders in banks

VCN - In compliance with the provisions of the Law on Credit Institutions 2024, banks have made public the list of information on shareholders owning 1% or more of shares. This is expected to block the “octopus tentacles” of cross-ownership.
Banks reduce interest rates, offer new loans for storm-affected customers

Banks reduce interest rates, offer new loans for storm-affected customers

Several private and State-owned banks have reduced interest rates and offered debt relief for customers affected by Typhoon Yagi.
Allocating credit room, motivation for banks to compete

Allocating credit room, motivation for banks to compete

VCN - The State Bank of Vietnam (SBV) has announced that it will allocate the credit growth limit (room) for banks that have achieved 80% of their target. This is an incentive for banks to increase their competitiveness.
New securities accounts in August reach record high in over two years

New securities accounts in August reach record high in over two years

August saw the highest number of new securities accounts opened in more than two years, dating back to May 2022.
Fiscal policy needs to return to normal

Fiscal policy needs to return to normal

VCN - Talking to Customs Magazine about the role and orientation of fiscal policy in the new period, Dr. Le Duy Binh, CEO of Economica Vietnam, affirmed that returning to normal fiscal policy is a message that is consistent with current reality.
Credit growth target is within reach to contribute to boosting economic growth: SBV

Credit growth target is within reach to contribute to boosting economic growth: SBV

Another important factor is to increase the capital absorption capacity of enterprises which will require a combination of macro policies to create favourable conditions for businesses, SBV’s Deputy Governor Đào Minh Tú said.
Strictly handle violations of invoices in a timely manner to avoid budget losses

Strictly handle violations of invoices in a timely manner to avoid budget losses

VCN - The General Department of Taxation has just issued a document directing local tax authorities nationwide to conduct close and timely review and supervision of businesses showing signs of risks in the illegal trade and use of invoices.
Read More

Your care

Latest Most read
Tax authority handles 9.6 billion of e-invoices

Tax authority handles 9.6 billion of e-invoices

General Department of Taxation said that from the implementation to August 19, 2024, the number of e-invoices received and processed by the Tax authority was 9.6 billion.
Strictly handle price gouging and stabilize consumer sentiment after storms and floods

Strictly handle price gouging and stabilize consumer sentiment after storms and floods

VCN - According to market surveys by the Department of Price Management), the prices of rice and meat are relatively stable compared to the time before the storm.
General Department of Taxation implements tax exemption, extension of taxes and fees for people and businesses affected by storm No. 3

General Department of Taxation implements tax exemption, extension of taxes and fees for people and businesses affected by storm No. 3

VCN - According to instruction, enterprises will be exempted and extended many taxes: Personal Income Tax, Corporate Income Tax, Special Consumption Tax, VAT deduction, Resource Tax, and non-agricultural land use tax.
Insurance brings peace of mind to customers during Yagi typhoon

Insurance brings peace of mind to customers during Yagi typhoon

The Insurance Supervision Authority (Ministry of Finance) initially estimated that the total amount of insurance paid for human and property damage was about VND7,000 billion.
Banks lend significant amounts to green projects

Banks lend significant amounts to green projects

Many banks have recently poured thousands of billions of Vietnamese dong into green projects.
Mobile Version