From July 1, face and fingerprint authentication is required when transferring money.

According to Decision 2345/QD-NHNN dated December 18, 2023 (Decision 2345) of the State Bank on implementing safety and security solutions in online payments and bank card payments, from July 1, 2024, money transfers via online accounts or deposits into e-wallets of over VND 10 million must be biometrically authenticated via face and fingerprints.

Sharing about this issue in the Industry and Trade newspaper, Mr. Pham Anh Tuan, Director of the Payment Department, State Bank, said that the purpose of facial authentication is to ensure that the owner is performing the transaction. According to Mr. Tuan, recently, many people have had their money stolen by scammers. The tricks of these subjects are very sophisticated, such as claiming to be from authorities such as: Police, traffic inspectors... and creating situations that make people lose their vigilance, accessing software, links with malicious code. Then, the subject enters the account, even takes control of the phone to take all the money.

Accordingly, to help prevent the above situation and at the same time enhance the safety of account holders, according to Decision 2345, from July 1, money transfers under 10 million VND/transaction must be authenticated by OTP code. For money transfers over 10 million VND, in addition to the current normal authentication, the person performing the transaction must also authenticate their face. The purpose is to ensure that the correct person is performing the transaction. At the same time, the State Bank also stipulates that the total amount of transactions over 20 million VND/day must be authenticated by biometrics.

“Biometric authentication is a real face, not an image installed on the phone. That means the person making the money transfer must look at their face in the application, look up and down to make sure this is a live image. And the face of the person making the money transfer is compared with biometric data from the chip-embedded Citizen Identification Card managed by the Ministry of Public Security ,” said Mr. Tuan.

To clarify this regulation, the leader of the Payment Department said that the regulation only applies to regular money transfer transactions, not to payment transactions where the recipient is the clear destination.

“All payment transactions that have been authenticated by payment acceptance units, credit institutions, and payment intermediaries do not require biometric authentication. For example, paying electricity, water, taxes, transportation fees... all transactions with a clear destination do not require biometric authentication,” Mr. Tuan added.

The State Bank requires credit institutions to apply biometric authentication measures for some types of transactions in online payments on the internet (Internet Banking, Mobile Banking). In addition, the State Bank also requires banks to store information on customers' online transaction devices and transaction authentication logs for at least 3 months.

For credit institutions under special control, the time for applying the provisions in Decision 2345 will start from January 1, 2025.

Illustration photo.

Notably, recently, according to the investigation results of fraud cases that appropriated people's money, up to 99% of cases left no trace of the criminals. Because the money was transferred but the account was rented, borrowed to buy and sell and then transferred to another account. Tracking down the fraudsters is very difficult. But from July 1, even if customers accidentally transferred money to the scammers' accounts, they can still get the money back. Because to transfer money to an account, the person performing the transaction must authenticate biometrics with transactions over 10 million VND. In case the fraudster uses his account to transfer money, the police will quickly identify the identity by comparing it with the information on the chip-embedded ID card.

Truc Chi (t/h)

Source: https://www.nguoiduatin.vn/tu-17-toi-day-phai-xac-thuc-bang-khuon-mat-van-tay-khi-chuyen-tien-a655588.html