Stop online stock trading if citizen identification is not updated

Online trading of investors in Ho Chi Minh City, February 2022

Notices of updated CCCD information were sent to investors by securities companies earlier this week, as required by the Securities Commission.

"From October 1, to ensure the principle of electronic transactions, those who do not update their CCCD on their accounts will have to go directly to the securities company to make transactions," said an announcement from FPT Securities Company (FPTS).

In addition to FPTS, investors opening accounts at other securities companies also received similar notices, effective from October 1. Dragon Viet Securities (VDSC) said it only provides online trading services to accounts with investor information that matches the ID card in the National Population Database. For example, when opening an account, investors previously registered information with their ID card, but now they need to update it according to the ID card.

VIX Securities Company further recommends that, even when trading at the counter, investors must still standardize information.

According to securities companies, investors can update their CCCD information on the application, or send information via email or post .

Online trading is currently the main and most popular trading method in the stock market. Through applications on mobile devices or online platforms, investors can place orders, manage accounts, deposit/withdraw money anywhere, as long as there is an Internet connection.

Unlike biometric authentication of banks, updating when trading securities aims to synchronize and match personal information between the account and on the CCCD.

Security steps in online securities transactions are still mainly used through the Smart OTP (one-time password) application or OTP via text messages and emails that customers have registered with the securities company. This form is a form of two-factor authentication (2FA) used to secure accounts and online transactions. In which, one factor is the login password, the other is the OTP code from the user's device. Smart OTP is a software installed on mobile devices, users can proactively get the authentication code without waiting for a message. This OTP code is only used once and expires after a short period of time.

As of the end of July, the Vietnamese stock market had nearly 8.33 million trading accounts. Of these, individual investors accounted for the majority, with 8.31 million accounts.

TH (according to VnExpress)

Source: https://baohaiduong.vn/ngung-giao-dich-chung-khoan-online-neu-khong-cap-nhat-can-cuoc-cong-dan-390197.html