Banks and financial companies launch new solutions to prevent fraud

On June 19, Vietnam Prosperity Bank Finance Company SMBC (FE CREDIT) announced that it has achieved PCI DSS 4.0 Level 1 security certification, awarded by FPT IS Company Limited (FPT IS) - the leading authorized unit for PCI DSS compliance certification assessment in Vietnam.

This is the highest level of card data security compliance, providing optimal protection for customer data through the latest security measures and protocols. At the same time, it minimizes the risk of fraud and unauthorized access in card transactions, including online and physical transactions.

According to FE CREDIT, data security is always one of the top concerns of Vietnamese users. Applying PCI DSS 4.0 Level 1 standard is an important step in the process of providing safe consumer financial products and services.

Statistics show that by May 2024, this financial company has issued more than 4 million credit cards. Customers using credit cards with PCI DSS 4.0 Level 1 certification means increased security, reduced risk of fraud and unauthorized access.

Many security enhancement solutions to minimize fraud and scams by cyber criminals

At the PCI DSS 4.0 Level 1 International Security Certificate award ceremony between FPT IS and FE CREDIT, Mr. Yasuhiko Imai, Vice Chairman of the Board of Members of FE CREDIT, said that the Vietnamese Government is encouraging the trend of cashless transactions. Achieving the above certification not only protects the safety of customers but also supports the transition to cashless payments.

Mr. Phan Thanh Son, Executive Vice President and Business Development Director of FPT IS, stated that information security has become a key factor and a top concern for consumers. According to the Vietnam Information Security Warning Portal, up to 76% of fraud cases are related to financial fraud. Therefore, the issue of security in card transactions will help reduce the rate of fraud.

Reporters' observations show that along with constantly warning about the fraudulent tricks of high-tech criminals, banks and financial companies are also increasing investment in security and technology to minimize the risk of fraud.

Military Bank (MB) said it has just deployed a feature to quickly and effectively identify fraudulent account information, helping customers feel more secure when transferring money.

Accordingly, when transferring money, customers will receive a warning in case the recipient is a fraudulent account. This feature allows customers to easily block strange and suspicious transactions, helping to protect the safety of their accounts and assets.

MB deploys a new feature to warn of beneficiary accounts on the list identified as fraudulent accounts, avoiding the risk of customers losing money unjustly.

To enhance security, from July 1, the State Bank requires credit institutions and payment intermediaries to perform biometric authentication (face) for money transfers of VND10 million or more or total transaction value per day of over VND20 million.

BIDV , Techcombank, TPBank, HDBank, Eximbank... are actively collecting customers' biometric data; cleaning data, removing unregistered accounts to enhance security along with technology investment.

Source: https://nld.com.vn/ngan-hang-cong-ty-tai-chinh-tung-giai-phap-moi-ngan-thu-doan-lua-dao-196240619174618251.htm