SBV 'reminds' banks to ensure security and safety in card operations

Following the directives of the State Bank of Vietnam (SBV) on payment activities, to enhance the security and safety of bank card activities and ensure the rights of customers in the process of issuing and using bank cards, the SBV has just issued a document on implementing measures to ensure security and safety in bank card activities.

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SBV 'reminds' banks to ensure security and safety in card operations

Accordingly, the State Bank of Vietnam requires credit institutions and foreign bank branches to immediately direct the implementation of a number of contents.

The first, Review internal procedures for issuing and using bank cards to ensure compliance with current legal regulations; at the same time, direct and thoroughly educate officers and employees in the entire system to properly implement the procedures for issuing and using bank cards in accordance with legal regulations when issuing cards to customers.

Monday, Review to ensure that fees, interest rates, and interest calculation methods for each type of issued card comply with the regulations of the State Bank and relevant laws; at the same time, it is necessary to be transparent, provide full information, and have measures to ensure that customers have grasped information about their rights and obligations, fees, interest rates, interest calculation methods (especially for credit cards) and changes (if any) during the process of customers using the card.

Tuesday, Review the entire process of handling inquiries and complaints in accordance with legal regulations; In case of complaints or feedback from customers during the card usage process, the card issuing organization (TCHPT) will handle it in accordance with the process and regulations of relevant laws, ensuring promptness, timeliness and finality, not allowing the case to drag on and affect the legitimate rights of customers as well as the image and reputation of TCPHT.

Wednesday, In case of detecting unusual problems in the use of customers' cards (such as no transactions, long-term overdue debts, etc.) through the control and monitoring process, TCPHT must proactively inform customers and coordinate with relevant parties to take timely measures to ensure that the legitimate rights of customers and TCPHT are not affected.

Thursday, Implement communication measures to customers (through mass media, communication channels that customers can easily access) about customers' rights and responsibilities in the process of issuing and using bank cards; advise customers on measures to secure personal data and bank card information to avoid the risk of personal information being leaked and card information being used for illegal purposes.

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