Transferring 10 million VND may require biometric authentication
At a seminar on protecting bank accounts from increasing online fraud risks held in HCM City on September 19. (Photo: VGP)
It is expected that biometric authentication such as fingerprint, iris, or facial recognition will be mandatory for money transfers exceeding the minimum level, possibly starting from 10 million VND (410.93 USD), said Deputy Head of the State Bank of Vietnam (SBV)’s Payment Department Le Anh Dung at a September 19 seminar on protecting bank accounts from increasing online fraud risks.
In the near future, Dung also revealed that the SBV will amend Decision 630 to allow credit institutions to implement biometric authentication for transactions surpassing certain limits.
Currently, 90% of online transfer transactions are below 10 million VND. The figure could serve as a basis for reference to set the minimum transfer amount requiring biometric authentication, ensuring a balance between customer experience and fraud prevention.
Illustrative photo (Source: tienphong.vn)
Nguyen Tran Nam, Managing Director at the Asia Commercial Bank (ACB)’s Digital Bank Division, said fraudulent money transfer transactions usually do not occur on customers’ own devices. One of the latest tricks is to persuade them to install apps that allow hackers to interfere with the operating system, monitor their behaviour on their mobile phones, and remotely control the phones to steal money from the accounts. Nam held that biometric authentication is a crucial factor in minimising such type of fraud.
Vietnam is a country with a high rate of online fraud, with 87,000 cases recorded so far, according to the Global Anti-Scam Alliance (GASA). In 2021 alone, the victims suffered losses of 374 million USD, equivalent to 4,200 USD per case./.
Related News

Banks are ready to deploy biometric authentication
10:54 | 14/06/2024 Finance

CAAV suggests more time for piloting biometric authentication
09:36 | 26/03/2023 Headlines
Latest News

Securities 2025 expects a breakthrough in scale and quality
14:37 | 10/02/2025 Finance

Cash reserves in stock accounts at six-quarter low amid margin rise
08:23 | 10/02/2025 Finance

Five solutions for developing stock market in 2025
10:01 | 07/02/2025 Finance

Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday
14:43 | 04/02/2025 Finance
More News

The stock market after Tết 2025 presents both challenges and opportunities
07:55 | 04/02/2025 Finance

Opportunities and challenges in Việt Nam's crypto boom
14:27 | 03/02/2025 Finance

Đà Nẵng aiming to become a regional financial centre before 2050
19:05 | 01/02/2025 Finance

Which investments to make in 2025?
20:53 | 30/01/2025 Finance

5 strategies for reallocating houses and land
18:36 | 29/01/2025 Finance

Stock market expected to rebound positively after Tết holiday: expert
18:36 | 28/01/2025 Finance

Ministry of Planning and Investment proposes piloting a cryptocurrency exchange at financial centres
23:07 | 27/01/2025 Finance

Banks selling mortgaged assets to recover bad debts
10:19 | 24/01/2025 Finance

Keeping inflation in check a priority for 2025
11:05 | 22/01/2025 Finance
Your care

Securities 2025 expects a breakthrough in scale and quality
14:37 | 10/02/2025 Finance

Cash reserves in stock accounts at six-quarter low amid margin rise
08:23 | 10/02/2025 Finance

Five solutions for developing stock market in 2025
10:01 | 07/02/2025 Finance

Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday
14:43 | 04/02/2025 Finance

The stock market after Tết 2025 presents both challenges and opportunities
07:55 | 04/02/2025 Finance