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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.





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