Agribank is ready!

Starting July 1, 2024, money transfers exceeding VND 10 million per transaction or total daily transactions exceeding VND 20 million will require facial recognition authentication. This regulation, stipulated in Decision 2345/QD-NHNN, aims to minimize fraud risks and ensure security and safety in online payments and bank card transactions. At this point, the basic technical steps have been completed, and Agribank is ready to serve its customers. Ensuring the safety of payment transactions: To address the issue of fraud and misappropriation of assets in cyberspace, on December 18, 2023, the State Bank of Vietnam issued Decision 2345/QD-NHNN on implementing security solutions for online payments and bank card payments. Accordingly, credit institutions, branches of foreign banks, and payment intermediary service providers need to finalize and implement solutions before July 1, 2024, to comply with authentication requirements according to the respective transaction classifications. For individual customers, large-value transactions and interbank transactions to foreign countries require authentication with verified biometric signatures. Specifically, a domestic bank transfer transaction, a deposit into an e-wallet exceeding 10 million VND, or a total value of money transfers and payments in a single day exceeding 20 million VND, must be authenticated using biometrics. After more than half a year of implementing the technical steps for Decision 2345/QD-NHNN, banks, including Agribank, are actively coordinating with the Ministry of Public Security to pilot the integration of customer authentication and identification solutions via chip-embedded citizen identification cards (CCCD) in some banking operations, especially electronic identification and authentication and opening payment accounts using the eKYC method. At this point, Agribank is ready to serve its customers. Providing maximum convenience for users: Starting from a clear understanding that digital transformation is a key task, Agribank annually allocates a large budget for investing in and applying information technology systems, ensuring the operation of nearly 254,000 online transactions per day, accounting for 91.97% of the total number of transactions. Currently, Agribank is one of the banks with the largest number of online transactions in the system, with over 45 million transactions in 2023, totaling VND 60 trillion. Actively pursuing digital transformation has facilitated Agribank's rapid and comprehensive implementation of solutions to ensure the safety and security of information in online payments and bank card payments for customers; with a range of solutions such as SMS OTP, Soft OTP, Token OTP, and facial biometrics. In addition, account registration on Agribank's devices and systems requires eKYC and step 2 verification (KYC) at the counter for high-value transactions; during eKYC and KYC, customers must provide complete identification documents as required by law; and must use the correct username and password when logging into Agribank's systems. Agribank Digital has implemented customer registration, updating, and identification using biometric information (face, fingerprints). Additionally, for card payment transaction authentication, Agribank has established daily transaction limits; set limits to allow/disallow online payments; and implemented the 3D Secure application to enhance security. Furthermore, Agribank has deployed the TWFA (Tranzware Fraud Analyzer) system to warn and process alerts for transactions showing signs of risk, fraud, or anomalies, such as: multiple card transactions within a short period, card transactions at multiple locations within the same timeframe, etc. This proactively prevents or warns cardholders to minimize risks and losses for both customers and Agribank. Simultaneously, the bank is implementing a program to inspect and monitor the operations of card payment acceptance units with unusual activity throughout the system, such as transaction amounts and transaction volumes that are unusually large compared to their business type, in order to promptly detect and report to competent authorities for appropriate handling. Along with existing solutions , when implementing Decision 2345/QD-NHNN, Agribank continues to collect biometric data and integrate it into chip-embedded citizen identity cards for customers; building a cleaned biometric database (comparing collected biometric data with the national population database managed by the Ministry of Public Security). This is in parallel with reviewing existing customer data, updating and cleaning customer data to prevent fraud risks. In particular, the implementation of a centralized limit management module allows transaction channels to check the total limit status for customers' payment accounts and other information as per Decision 2345. In June 2024, the entire online authentication system connected to the Ministry of Public Security was also put into operation by Agribank; authentication applications have also been completed and are ready to apply the new regulations from July 2024. At the conference "Implementation of Decision 2345/QD-NHNN" organized by the Vietnam Banking Association in mid-June, Deputy Governor of the State Bank of Vietnam Pham Tien Dung commended Agribank and several other credit institutions for immediately and decisively implementing Decision 2345/QD-NHNN, with a large percentage of customers registering for biometric identification, helping to reduce overload and service disruption for customers after Decision 2345 came into effect. In particular, Agribank has shown early awareness of protecting its customers through public awareness campaigns, helping people to understand the risks of cybersecurity threats and online fraud.

Duc Kien

Source: https://daibieunhandan.vn/doanh-nghiep1/agribank-da-san-sang--i377476/