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 of high-tech crimes with increasingly sophisticated tricks, causing serious damage to customers, credit institutions and negatively affecting economic and social security.

In reality, online fraud and scams in the financial sector are becoming increasingly common. The two main forms currently are: directly stealing money from customers' bank accounts; or fraud through the theft of login information and verification codes. The danger lies in the fact that these schemes are often cleverly concealed, exploiting people's carelessness and lack of knowledge about digital security to profit. In many cases, a single click on a fake link has resulted in customers losing all the money they've saved in their accounts over many years.

Banks across the province are simultaneously implementing various digital technologies to prevent financial fraud.

Faced with this challenge, authorities and credit institutions in the province have proactively tightened management and coordinated efforts to enhance prevention and deterrence capabilities. The provincial police actively cooperate with the banking sector and other units and localities to widely disseminate information about the methods and tactics of high-tech crimes. Simultaneously, all levels and sectors have focused on building a "shield" of community awareness, raising public vigilance in protecting personal information, bank accounts, and digital data.

One of the highlights is that on June 28, 2024, the State Bank of Vietnam 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 framework with many strict requirements, aimed at protecting the security of customers' assets and ensuring stability in digital banking operations. A notable point is the application of strong authentication solutions ranging from biometrics, multi-factor authentication, OTP, FIDO to digital signatures, to enhance security and minimize fraud risks.

To date, credit institutions in the province have completed the integration of biometric authentication for both individual and institutional customers. The verification of customer identification documents is conducted regularly, ensuring that all information is always up-to-date and preventing loopholes that could be exploited by fraudsters. In addition, credit institutions are strictly implementing the requirement to review and report accounts showing unusual activity. Accounts with mismatched information in the national population database, accounts being offered for sale online, or accounts with unusual inflows and outflows in a short period of time are all placed under close monitoring and supervision. This is an important step to clean up the system, reduce risks for customers, and strengthen confidence in banking services.

In particular, in a pioneering effort, the Vietnam Investment and Development Bank ( BIDV ) launched the Smart Alert feature on April 1, 2025. When customers enter the recipient's account number, the system automatically compares it with data provided by authorities and immediately warns if the account shows signs of risk. Thanks to this, in a short period of time, BIDV prevented over 100 billion VND in fraud, preserving legitimate assets for the people. This model should be replicated throughout the entire 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 payment methods 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, fostering trust among the public and businesses.

In the context of digital transformation as an inevitable trend, the fight against high-tech crime in the financial sector cannot rely solely on technology or law. The decisive factor also lies in cooperation between credit institutions, regulatory agencies, and the public. Each user needs to become a vigilant "gatekeeper" for their own assets and personal data. When technology is used wisely, safely, and responsibly, its benefits will be truly sustainable, contributing to the stable and healthy development of the financial and 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