SBV seeks safer online transactions

State Bank of Vietnam (SBV) Deputy Governor Nguyen Kim Anh on September 8 called for drastic steps to make online payments more secure.
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SBV seeks safer online transactions.

He told an online conference held by the central bank that commercial banks and customers needed better protection against hi-tech attacks. Such attacks on the banking and finance sectors were increasing in number, he said.

He asked the Payments Department to intensify supervision of transactions and revise regulations covering credit institutions and intermediaries towards minimising risks in payment processes.

Anh directed the Information Technology Department to build a roadmap for applying international security standards in payment systems, including ISO 27001 and PCI/DSS for bank card payments.

Banking authorities will co-ordinate with the ministries of Public Security and Information and Communications in fighting IT scammers and guaranteeing cyber-network security, he said.

He also said that SBV branches would check on any interruptions in non-cash payment services of credit institutions and intermediaries between now and the end of October, and report results by mid-November.

Anh also asked the National Payment Corporation of Vietnam, formerly known as Vietnam Financial Switching JSC, to assist banks in detecting and handling doubtful card transactions.

He urged credit institutions to thoroughly test their technological infrastructure, human resources and processes related to electronic payments, and submit reports to the SBV by October 30.

The institutions should regularly check ATM and point-of-sale (POS) systems to make sure that cameras, alarms and other antitheft devices are in good condition, and ensure no spy ware is illegally installed, he said.

Officials from the Ministry of Public Securities said yesterday that banking and finance networks were now prime targets for hi-tech attackers world-wide and new payment scams had recently emerged in Vietnam.

The central bank had already directed relevant agencies to enhance security against risks and frauds in payment transactions last month, following the unearthing of several scams.

About VND500 million (US$22,500) was stolen from the account of a Vietcombank customer in Hà Nội last month, shocking account holders across the country. This is a huge sum of money in Vietnam, where the annual per capita income is around $2,100.

No cause for alarm

However, Ministry of Public Security officials also said yesterday that Vietnam’s electronic payment systems were basically secure.

“The recent scams are rare. Customers should be more cautious about tricks criminals play cyber-space. They should not provide personal information to unreliable sources,” Anh said.

Banking expansion

In related news, Prime Minister Nguyễn Xuân Phúc has approved a project that will take comprehensive measures to ease access to banking services for businesses and individual citizens.

Under the project, the number of people with bank accounts in the country will rise to 70 per cent by 2020, and there will be at least 20 bank branches or transaction offices per every 100,000 people.

Also by 2020, about 35-40 per cent of adults in rural areas are set to have savings accounts and 50-60 per cent of small and medium-sized enterprises (SMEs) will have taken loans from credit institutions.

The project identifies several measures for the country to reach the target, including the diversification of banking products and services, restructuring of credit institutions, expanding service networks of credit institutions and enhancing operational efficiency of the Vietnam Bank for Social Policies.

The project seeks to speed up IT applications towards increasing the reach of banks in rural and remote areas, improving the capacity of credit institutions to serviced SMEs.

sbv seeks safer online transactions Banks raise deposit interest rates

Many commercial banks have raised deposit interest rates over the past few weeks generating concern about an ...

The promotion of banking products and services to people in rural and remote areas will be stepped up.

Source: VOV

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