Tightening digital security in the financial and banking system

In recent years, along with the strong development of information technology and the trend of financial digitalization, the banking and credit sector has undergone many positive changes. People have access to financial services more quickly, conveniently and transparently; businesses are supported to expand transactions and effectively manage capital resources. However, along with these benefits is the alarming increase in high-tech crimes with increasingly sophisticated tricks, causing serious damage to customers, credit institutions and negatively affecting economic and social security.

In fact, online fraud and scams in the financial sector are becoming more and more common. The two main forms today are: Direct appropriation of money in customers' bank accounts; or fraud through stealing login information and authentication codes. The danger is that this trick is often cleverly hidden, taking advantage of people's subjectivity and lack of understanding of digital security to make profits. In many cases, with just one click on a fake link, customers have lost all the money in their accounts that they have saved for many years.

Banks in the province have simultaneously applied many digital technology machines to prevent financial fraud.

Faced with such challenges, the authorities and credit institutions in the province have proactively tightened management and coordinated synchronously to improve prevention and suppression capabilities. The provincial police have actively coordinated with the banking sector, units and localities to widely disseminate information about the methods and tricks of high-tech crimes. At the same time, all levels and sectors have also focused on building a "shield" from community awareness, raising people's vigilance in protecting personal information, bank accounts and digital data.

One of the highlights is that on June 28, 2024, the State Bank issued Circular No. 17, effective from July 1, 2024, regulating the opening and use of payment accounts at payment service providers. This is an important legal corridor, with many strict requirements, aiming to protect the safety of customers' assets and stability in digital banking activities. A notable point is the application of strong authentication solutions from biometrics, multi-factor authentication, OTP, FIDO to digital signatures to enhance security levels and minimize the risk of fraud.

Up to now, credit institutions in the province have completed the integration of biometric authentication for individual and corporate customers. The review of the validity of customers' identification documents is conducted regularly, ensuring that all information is always updated, avoiding loopholes for criminals to take advantage of. In addition, credit institutions also strictly implement the requirement to review and report the list of accounts with signs of abnormalities. Accounts with information that does not match the national database on population, accounts that are sold online, or accounts with unusual cash flows in a short period of time... are all put under close monitoring and supervision. This is an important step to clean up the system, limit risks for customers and strengthen trust in banking services.

In particular, in a pioneering effort, the Joint Stock Commercial Bank for Investment and Development of Vietnam ( BIDV ) has deployed the Smart Alert feature since April 1, 2025. When customers enter the recipient's account number, the system will automatically compare it with data provided by the authorities, immediately warning if the account shows signs of risk. Thanks to that, in a short time, BIDV has prevented more than 100 billion VND from being defrauded, retaining legal assets for people. This is a model that needs to be replicated throughout the banking system.

BIDV Bank Phuc Yen Branch has implemented many effective measures to prevent fraud and protect people's assets.

In addition, credit institutions have simultaneously tightened management of new forms of payment such as e-wallets, QR codes, credit cards, debit cards, and electronic payment gateways. These efforts demonstrate a strong determination to build a safe and transparent financial and banking system, creating trust for people and businesses.

In the context of digital transformation being an inevitable trend, the fight against high-tech crime in the financial sector cannot rely solely on technology or the law. The decisive factor also lies in the cooperation between credit institutions, management agencies and the people themselves. Each user needs to become a vigilant “gatekeeper” for their own assets and personal data. When technology is used wisely, safely and responsibly, the benefits it brings will be truly sustainable, contributing to ensuring the stable and healthy development of the financial-banking system and the entire economy .

Le Minh

Source: https://baophutho.vn/siet-chat-an-ninh-so-trong-he-thong-tai-chinh--ngan-hang-239092.htm