HomeEconomyFinancial investmentState Bank: Studying transfer limits to...

State Bank: Studying the transfer limit requiring biometric authentication

ANTD.VN – The State Bank of Vietnam is considering closing the limit for online payments and card payments that require biometric authentication to ensure the safety of customers and will be drastically implemented in August and September 8. .

Sharing at the seminar "Ensuring security and safety for electronic payments in the digital era" this morning (August 21), Mr. Pham Anh Tuan, Director of Payment Department, State Bank of Vietnam (SBV) ) said that the regulatory agency is studying it will stipulate a transaction limit that requires biometric authentication to identify the owner.

A representative of the State Bank said that the reality shows that people's awareness of personal data protection is not really good, not high, so it has led to phenomena such as leasing, lending, buying and selling of assets. account.

A typical case has just been prosecuted by Cao Bang Provincial Police, showing that, within 6 months, the amount of money passed through this fraudulent account is nearly 1.000 billion VND.

“This is a very sad number. These are the losses that people have lost. Now what to do? That means, if we can lock the owner to do it, the possibility of fraud will be reduced," said Mr. Pham Anh Tuan.

State Bank: Studying the transfer limit requiring biometric authentication Photo 1

The application of biometrics in electronic payment transactions will limit the current booming fraud situation

According to Mr. Tuan, crooks rarely use official information. Therefore, the State Bank submitted to the Governor and was agreed to amend Decision 630/QD-NHNN on the plan to apply security solutions in online payment and bank card payment, thereby regulating Set limits for biometric authentication.

“This is a very fundamental decision, which will determine how much will require biometric authentication to identify the owner. That is, the person opening the account and the person making the transaction must be the same. This may cause difficulties for some credit institutions, but for the common interest, the interests of the community and the whole society, and to protect the safety of people's deposits, this must be done." Mr. Pham Anh Tuan emphasized.

According to him, the SBV will consider how much to set the limit, so that the impact is minimal.

According to the statistics of the management agency, in the total number of transactions in the first 6 months of 2023, the transaction value of 10 million dong or more accounts for only about 10%, while 20 million dong or more is just around 5. %.

“Thus, the level of impact on the user experience is very little, not to mention when making a money transfer transaction, just insert your face and authenticate with the face that was used to open the account. current technology application form of credit institutions in just 3-5 seconds. Thus, the level of impact on user experience is not large. But what do we get in return? That is, people "sleep with their pillows high", there is no way my money will be transferred without my knowledge.

In addition, with large transaction values, fraudsters will take time to transfer money from customers' accounts and "can only enter but cannot go out" because most of the receiving accounts are not genuine. . Thus, the bank still has the opportunity to retain the assets that the fraudsters have appropriated to have the opportunity to refund users who are taken advantage of by the crooks" - analysis of the leader of the Payment Department.

Mr. Tuan said, this is one of the measures that the State Bank will implement drastically in August and September 8. However, there will be a transition period for credit institutions to prepare the infrastructure, application editing conditions, data collection, etc. to prepare before the official decision takes effect.

“The SBV hopes to receive the support of the community, society, ministries, departments and sectors, including credit institutions, and will join hands with the SBV to gradually overcome and minimize the situation of fraud and fraud. developed in recent times,” added Mr. Tuan.

For international card organizations, Mr. Pham Anh Tuan also mentioned the need for higher-level security authentication.

“We have also talked to Mastercard, Visa about this issue. If all transactions are done securely with 3D Secure, then it can be said that it is impossible to lose money. We may have our card number exposed, we may have our CVV exposed, but when a message is sent to the cardholder to confirm the transaction, but the cardholder does not perform, no transaction will be possible. .

However, although Master Card and Visa have supported a lot, the rate of implementation of 3D Secure in the past time is not complete. We really want this rate to be gradually increased, so that the questions and complaints of cardholders when using unauthorized information will gradually decrease," said the leader of the Payment Department.

Four difficulties and challenges

Mr. Pham Anh Tuan pointed out 4 main groups of difficulties and challenges to safety and security in the field of digital transformation of the banking industry.

Firstly, the legal corridor has not kept up with the progress of science and technology. Many products and services apply modern advanced technology, but there are not enough legal documents or the legal corridor has not kept up, leading to difficulties in application and behavior.

Second, crime increased at a high rate compared to many years.

Third, lack of compatibility between infrastructures. “It can be said that, at present, banks use bank data, police agencies use police agency data (except for Project 06, which is initially being implemented), telecommunications operators also use use private, non-exploitable data. If these data infrastructures are compatible and integrated and connected, in case customers open an account, register a phone number, use Mobile Banking, the bank can check the phone number. whether the owner and the executor are correct or not,” he said.

Currently, these infrastructures are gradually coming together to build a common ecosystem and exploit effectively, contributing to fraud prevention.

Fourth, the human problem. The psychology and habits of people in cash consumption in remote areas and islands are still large. People's skills in using digital banking services are still limited, which has contributed to helping scammers and fraudsters. Fraudsters through the customer's lack of knowledge and skills in using digital banking services are not good to exploit and thereby perform fraudulent acts.

Source link

Same topic

What is the reason for record-breaking remittances to Vietnam? 

In a difficult global context, the workforce in Asia is the driving force that helped remittances flow to the country increase to a record level of 16 billion USD. Remittances flowing to Vietnam grew slowly during the Covid-19 period, even declining in 2022. However, this cash flow recovered strongly in the past year, reaching record numbers in recent years. Speaking with VnExpress, Mr. Dao Xuan Tuan,...

State Bank: Does not prohibit loans to buy houses formed in the future

Recently, the State Bank issued Circular 22/2023 amending and supplementing Circular 41/2016 regulating the capital adequacy ratio of banks. This Circular takes effect from July 1, 7. Now, with lots of new content. There are some concerns in public opinion that the new regulations will cause difficulties for home buyers. Specifically, the market has concerns about whether the circular will...

Same author

'Top tips' for buying gold at the end of the year for women

February 01, 02 2024:15 PV Print article ANTD.VN - The story of buying gold at the end of the year is always a "hot" topic for Vietnamese women. Therefore, many women have passed on to each other some "tricks" to keep up with "saving money" this Tet holiday. Ms. Thuy Anh (17 years old) - an accountant at a company in Hanoi is one of them. Talking about the "predestination" that creates the habit of buying gold at the end of the year, Ms....

Administrative sanctions against Flex Speed ​​Delivery Company Limited

February 01, 02 2024:11 Van Hang Print article ANTD.VN - Inspectorate of the Ministry of Information and Communications (TT-TT) has just issued Decision No. 59/QD-XPVPHC sanctioning administrative violations against the Company Flex Speed ​​delivery limited. Violating delivery companies will be fined. The decision states, Flex...

Review businesses that have abandoned their business addresses and refer cases of tax debt to the police

February 01, 02 2024:10 Nhat Linh Print article ANTD.VN - The General Department of Taxation requires tax authorities to focus on reviewing cases of abandonment of business addresses, and coordinate to transfer documents in cases of intentional delay tax debt to the police agency. According to Deputy Director General of the General Department of Taxation Dang Ngoc Minh, in 31, it is forecast that the economy will still face many difficulties due to fluctuations in the political and economic situation...

Same category

The unfinished New Year's Eve party of the CEO of a credit institution

System-wide bad debt exceeds 5% Bad debt increased sharply, causing credit risk provisions to skyrocket, not only eroding profits but also Tet bonus funds of bank employees. This makes the atmosphere at year-end parties of some credit institutions somewhere reluctant. Even the General Director of a financial leasing company belonging to a bank...

The world reacts to the information of Israel-Hamas, domestic trading at new prices

Gasoline prices today, February 2, recorded a decrease after news that Israel and Hamas will temporarily stop fighting. Qatar's Ministry of Foreign Affairs announced that Hamas initially accepted the hostage return agreement proposed by Qatar and Egypt.

Review of economic information on April 1

The central exchange rate decreased by 31 VND, the VN-Index increased by 8,71 points or the price of RON 95-III gasoline increased by 760 VND, the price of E5 RON gasoline increased by 740 VND... are some notable economic information in February 1. Review of economic information on January 2 Review of economic information on January 30...

Plunging more than 2%, oil prices slipped to 80 USD/barrel

Oil prices dropped sharply today after market speculation that Israel had agreed to a ceasefire proposal in Gaza. However, a Qatari official informed Reuters that Hamas had received a positive ceasefire proposal but had not yet responded. Tensions in the Middle East have recently pushed up oil prices. Houthi attacks on ships in the Red Sea...

USD "turns around"; Euro and British Pound go in opposite directions

Foreign exchange rates, the USD/VND exchange rate today, February 2, recorded a decline in the USD as investors continued to bet that the Fed is getting closer to cutting interest rates.

Latest news

Thailand and Singapore 'benefit the most' from Chinese visitors during Tet

Chinese tourists boomed abroad during the spring holidays, with Singapore and Thailand benefiting the most thanks to friendly visa and travel policies. While China's domestic attractions are competing fiercely to attract tourists during the Lunar New Year from February 10 to 17, some...

The world reacts to the information of Israel-Hamas, domestic trading at new prices

Gasoline prices today, February 2, recorded a decrease after news that Israel and Hamas will temporarily stop fighting. Qatar's Ministry of Foreign Affairs announced that Hamas initially accepted the hostage return agreement proposed by Qatar and Egypt.

The paradox is that a country covered with ice and snow must import ice to preserve food

Iceland is not a country covered with ice and snow all year round as its name suggests (In English, 'Ice' means ice, 'land' means land). This country is often covered with green leaves, especially in summer, only 1/10 of the territory is covered by permanent ice...

Will Apple launch AI products later this year?

Although the statement of the head of the "Apple House" does not provide many details, it shows that Apple wants to compete directly with Microsoft, Google, Amazon, OpenAI, as well as other technology companies that are researching new models. Other advanced generative AI models. “As we look ahead, we will continue to...

The largest fish market in Hanoi is bustling, traders are still worried because the price of red carp has dropped

(Dan Tri) - On the night of the 22nd and early morning of the 23rd of December, Yen So fish market was bustling with buyers and sellers. This year's red carp are considered even and beautiful, but many small businesses are worried that they won't be able to sell their products because the price has dropped sharply. Yen So fish market (Hoang Mai district, Hanoi) is known as the...

Hot news

Latest news