Preventing 1,500 billion VND of fraudulent transactions, the banking industry strengthens supervision

The State Bank cooperated with functional agencies to prevent 1,500 billion VND in fraudulent transactions, protecting customers through biometric technology, AI and modern monitoring systems.

Cleaning up 154 ​​million accounts, the banking industry is determined to prevent financial fraud.

On October 3, Mr. Le Hoang Chinh Quang, Director of the Information Technology Department, State Bank, said that the authorities have collected about 600,000 accounts, issued 300,000 warnings to stop suspicious transactions, and prevented 1,500 billion VND.

In recent times, the banking industry has actively implemented solutions to warn and detect unusual and suspicious transactions early; at the same time, it has deployed a system to monitor payment accounts and e-wallets suspected of being counterfeit.

According to Mr. Quang, the State Bank has issued a group of related documents to ensure information security and data security in the industry, including Circular No. 50/2024/TT-NHNN regulating the safety and security of providing online services in the banking industry. This includes specific regulations on conditions, standards, regulations, and methods to ensure transactions on the internet environment.

In addition, the banking industry has actively deployed technological solutions, enhanced biometric authentication solutions, electronic signatures depending on transactions; and increased the application of technology such as artificial intelligence (AI) to warn and detect early unusual and suspicious transactions.

The State Bank has also stepped up propaganda and warnings to the public about security and safety, and fraud prevention; and closely coordinated with the authorities (police) in the fight against fraud crimes in cyberspace.

According to the State Bank, the National Credit Information Center of Vietnam has coordinated with C06 ( Ministry of Public Security ) to check about 57 million customer records and clean up nearly 44.5 million customer records in the credit information database.

Along with that, the Anti-Money Laundering Department has coordinated with C06, Ministry of Public Security to complete cleaning up all 154 million accounts, 36 million customer records in the database to prevent money laundering and financing the proliferation of weapons of mass destruction.

Also according to Mr. Quang, on the credit institutions side, as of September 22, 57 credit institutions and 39 payment intermediary service providers have integrated the biometric information matching feature with data in chip-embedded citizen identification cards to identify customers on the Mobile Banking application; 63 credit institutions have deployed at transaction counters the application to identify customers via chip-embedded citizen identification cards, 32 credit institutions and 15 payment intermediaries are deploying the integration of the VNeID application, of which 19 units have officially deployed it.

Mr. Le Hoang Chinh Quang, Director of the Department of Information Technology, State Bank

By online method, more than 128.9 million individual customer records (CIFs) have been biometrically verified via chip-embedded citizen identification cards or VNeID application (reaching 100% of the total number of individual customer payment accounts generating transactions on digital channels).

For institutional customers, biometric information has been compared on more than 1.3 million records (reaching 100% of the total number of payment accounts of institutional customers generating transactions on digital channels).

According to the offline method, 29 credit institutions have signed with C06 to implement cleaning of customer data opening payment accounts, of which 27 credit institutions have sent data to C06 for cleaning; 11 payment intermediaries have signed with C06 to implement cleaning of customer data opening payment accounts.

“After a period of cleaning the customer database and applying biometric information matching solutions, compared to the same period in 2024, the number of individual customers who were scammed and lost money decreased by 59%, and the number of individual accounts receiving scammed money decreased by 52%,” said Mr. Le Hoang Chinh Quang.

According to Mr. Quang, when the State Bank has regulations related to biometrics for personal accounts, criminals tend to switch to business accounts.

The State Bank is coordinating with the Ministry of Public Security to review, edit, and complete the legal framework, promptly issuing a Circular amending and supplementing Circular No. 50, which further adjusts regulations on business accounts at high risk of being exploited for fraud and asset appropriation.

According to Vietnam+

Source: https://baohaiphong.vn/ngan-chan-1-500-ty-dong-giao-dich-lua-dao-nganh-ngan-hang-tang-cuong-giam-sat-522545.html