According to Decision No. 2345/QD-NHNN dated December 18, 2023, of the State Bank of Vietnam on implementing safety and security solutions in online payments and bank card payments, from July 1, 2024, all money transfer transactions with a value of VND 10 million or more must go through biometric authentication for the sender. Specifically, money transfer transactions exceeding VND 10 million per transaction, or total daily transactions exceeding VND 20 million, and payment transactions exceeding VND 100 million, etc., must all be authenticated using facial recognition.

Furthermore, in order to enhance user safety when conducting online transactions in the face of increasingly sophisticated fraud, according to Article 2 of Decision 2345, the State Bank of Vietnam also requires biometric authentication for the first transaction on the banking application (mobile app) or for transactions on a device other than the device used for the most recent transaction.

At MSB, since the beginning of June 2024, the bank has been collecting biometric data through chip-embedded citizen identification cards on the MSB mBank application, or customers can receive direct assistance at transaction counters. MSB has also communicated this information through various channels (website, YouTube, directly on the MSB mBank application, etc.).

From July 1st, 2024, MSB will also implement a system where 100% of transactions exceeding VND 10 million per transaction, or total daily transactions exceeding VND 20 million, and payment transactions exceeding VND 100 million... will match the customer's face with facial data stored in the Citizen Identification Card (CCCD) at the Ministry of Public Security ; ensuring that the person transacting is the legitimate account holder of the bank using modern facial matching technology.

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Updating biometric data on the MSB mBank app is done in the following four steps:

Step 1: Log in to the MSB mBank app, select the “Update Account Information” feature in the Settings section or the “Update Account Information” button on the app's main screen (If you cannot find the “Update Account Information” button, go to the iOS or Android app store to download the latest version of the app).

Step 2: Take a photo of the back of the chip-embedded citizen identification card as instructed.

Step 3: Scan the Citizen Identification Card (CCCD) using the back of a mobile device with integrated NFC.

Step 4: Review the information and complete the verification successfully.

To encourage customers to proactively complete biometric authentication, MSB is also offering many attractive promotions during this period.

Specifically, the bank offers cashback of up to VND 3.6 million to parents when making transfers/payments through the M-Pro account package, and a 10% cashback (up to VND 12 million in total per year) for those paying tuition fees with an MSB Visa Signature credit card. Furthermore, after successfully updating to a chip-based citizen identification card and participating in the highest-interest online deposit product or withdrawing principal in installments online with an amount not exceeding VND 5 billion directly on the MSB mBank application, users will enjoy an interest rate 1% higher than the rate listed at the counter for deposit terms of 6 months or more.

For details about products and services, please visit: https://www.msb.com.vn/vi/ca-nhan/ or contact our 24/7 hotline: 19006083

Dou Ling