On July 6, 2024 afternoon, at the Government’s monthly press conference of June 2024, answering the reporters' questions about the biometric authentication for transactions of over VND 10 million, Deputy Governor Pham Tien Dzung of the State Bank of Vietnam (SBV) said that, since July 1, all transactions have been done smoothly. In addition, the Deputy Governor also affirmed that the key goal of the banking industry is to ensure the legitimate rights and interests of the customers, while still ensuring safe and sound banking operations and a prudent bank sector.
On December 18, 2023, the SBV issued Decision No. 2345/QD-NHΝΝ on the implementation of measures to ensure safe and sound online payments and bankcard payments (Decision 2345). Accordingly, from July 1, 2024, all electronic money transfer transactions by individuals of over VND 10 million, or if the total value of all electronic money transfer transactions in one day exceeds VND 20 million, must apply biometric authentication.
According to the statistics, as of the afternoon of July 5, the banks had compared and cleaned (verified) about 19 million payment accounts. The number of transactions also reached a peak of 26.3 million in the interbank electronic payment system. This was also the largest volume of transactions during the past 10 days, of which transactions valued over VND 10 million accounted for 8.35%, showing that transactions of over VND 10 million are still going on normally after the application of biometric authentication. Only over 8.2% of the transactions required biometric authentication, while nearly 92% of the transactions were performed as before (using OTP codes for authentication). There was no systemic congestion with the transactions. Some cases of minor congestion which happened at a few banks on the first day of the application of biometric authentication had been promptly resolved. Since July 2, basically all transactions have been going on smoothly.
"To enhance the security for the transactions valued over VND 10 million, biometric authentication is to add one more protective shield, thereby protecting the customers themselves", the SBV Deputy Governor emphasized.
The SBV Deputy Governor also shared that, in fact, hi-tech crimes have been getting more complicated and sophisticated with many new scams and tricks. The banking industry has continuously warned the customers about the tricks and scams of cyber fraudsters, educate and raise the awareness of the banking officers, staff and customers, as well as coordinates with the relevant parties to prevent and enforce against high-tech crimes.
The SBV Deputy Governor affirmed that the tasks of the banking industry include protecting the legitimate rights and interests of customers; ensuring the security and safety of the banking sector, and the smooth banking operations.
During the implementation process, the SBV would continue to monitor and promptly direct the credit institutions to implement necessary solutions, and to coordinate with the relevant authorities to address any arising difficulties and obstacles. The SBV Deputy Governor also emphasized that in the coming time, Mobile Banking apps would be upgraded to cope with the new scams and tricks, ensuring the security and safety of the entire system.
Le Hang