On August 21, 2018, the State Bank of Vietnam (SBV) issued Document No.6296/NHNN-CNTT to be sent to the credit institutions and foreign bank branches on the prevention of risks in card payments.
Accordingly, in order to prevent risks and ensure security in card payments, the SBV requires the credit institutions and foreign bank branches to perform the following substances:
(i) Comply strictly with the provisions of laws and the regulations of the SBV; strengthen the frequency and the quality of the internal inspections and auditing in card payments;
(ii) Review all processes and procedures with regard to card payments and implement fully the measures of preventing risks;
(iii) Enhance the task of communication to improve the awareness of information safety for their customers;
(iv) Formulate communication plans and coordinate closely with the management authorities to promptly handle with and mitigate the risks in card payments (if any), avoid cases of customers’ long-lasting complaints, which can affect the reputation of the banking sector;
(v) Study and conduct measures of monitoring and issue warnings to the cardholders based on the analysis of the customers’ habits, behaviors, geographic locations… and make flexible changes, reduce the withdrawal limits during risky times (from 23:00 hours to 05:00 hours) to minimize the risks for the customers and the banks.
Le Hang