The Governor of the State Bank of Vietnam (SBV) issued Document No. 5147/NHNN-TT dated July 8 on strengthening measures of preventing from bank card fraud.
Accordingly, in order to proactively preventing from bank card fraud and ensuring the safety of bank card transactions, the SBV required bank card providers to implement following substances:
When signing contracts with the points of sale (POSs), bank card providers are required to carefully check the information and the capacity of those POSs; making additional conditions, and formulating daily settlement target in line with the confidence and the type of business of those POSs.
To strengthen inspection and strictly monitor the performance of those POSs. When detecting suspicious transactions, bank card providers are required to proactively coordinate with C50 Department of the Ministry of Public Security to verify and conduct prevention measures promptly. At the same time, they are required to send to the SBV reports on the safety of bank card transactions.
To provide POSs training programs, information and communication about bank card fraud and prevention measures to ensure the safety of bank card transactions.
The Bank Card Association is required to formulate cooperation and information exchange mechanism among member banks about POSs having violations (including name of shops, enterprises and related individuals); to strictly coordinate with C50 Department of the Ministry of Public Security to promptly inform member banks about new bank card fraud.
The SBV municipal and provincial branches are required to enhance inspection and regularly monitor the performance, security and safety of ATM/POS system in their locations to collect new bank card fraud, thereby promptly instructing bank card providers in their locations to be cautious and strictly coordinate with public security authorities to prevent from bank card fraud.
Moreover, the SBV municipal and provincial branches are also required to instruct bank card providers in their locations to cooperate with mass media to strengthen the task of information and communication about bank card fraud as well as measures of ensuring customers’ assets.
DH