Things to note when conducting banking transactions from 1-7

(NLĐO) – Business and household business accounts that have not been verified with biometric authentication will not be able to transfer money or conduct online transactions until biometric authentication is complete.

Starting today (July 1st), businesses that have not yet completed updating their biometric information will experience disruptions to their online banking services.

This regulation is implemented to comply with Circular 17/2024/TT-NHNN of the State Bank of Vietnam on opening and using payment accounts at payment service providers.

According to an announcement from VietinBank , business households using VietinBank iPay digital banking service need to quickly update their biometric information. This applies to cases where biometric registration has never been done before, customers who have registered but the household head's identification documents have expired, or those who need to update their biometric image.

BIDV also announced that starting July 1st, business households that have not completed updating the biometric information of their legal representative or authorized representative will have their important transactions temporarily suspended, including cash withdrawals, electronic payments on payment accounts, and online card payment transactions.

Businesses and institutional customers must update their information and verify the biometrics of their legal representatives to continue using their payment accounts.

Businesses and institutional customers can update their biometric data online through the digital banking application using their chip-embedded citizen ID card, VNeID account, or by visiting transaction points nationwide. This verification aims to comply with the regulations in Article 17 of Circular 17/2024/TT-NHNN, and also helps the banking system prevent impersonation, account leasing, or borrowing for fraudulent activities.

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Also, from July 1st, ATM cards with magnetic stripe technology issued by banks will no longer be accepted for withdrawing or depositing money at ATMs/CDMs, making payments at card-accepting merchants, or conducting transactions at ATMs/CDMs of other banks.

Agribank announced that it has officially stopped accepting magnetic stripe transactions on domestic cards issued by the bank, and will no longer accept magnetic stripe transactions for domestic cards issued by other banks.

All domestic debit cards that have not been converted to chip cards will be closed, terminating transactions.

Previously, many banks had simultaneously announced the "discontinuation" of magnetic stripe cards, switching to chip-based cards in accordance with the State Bank of Vietnam's standards to enhance security and prevent fraudulent transactions and card forgery.

Many banks have announced the "discontinuation" of magnetic stripe cards in favor of chip-based cards to comply with State Bank regulations and prevent fraudulent transactions and card forgery.

The State Bank of Vietnam recommends that business households, enterprises, and institutional customers promptly complete the verification of personal identification documents and biometric authentication to continue using payment accounts, conducting electronic transactions, and connecting bilateral payments with the State Treasury and Social Insurance.

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After July 1st, customers who have not completed the update will have their service temporarily suspended until they complete the necessary procedures, in order to ensure compliance with legal regulations and protect the security of their transactions.

Source: https://nld.com.vn/nhung-luu-y-when-banking-transactions-from-1-7-196250701102133159.htm