Biometric authentication reduces fraud by 59%

More than 123.9 million individual customer profiles (CIFs) were collected and biometrically verified, reaching 100% of the total number of individual customer payment accounts generating transactions on digital channels.

According to information from the State Bank of Vietnam (SBV), the agency has directed the entire banking sector to proactively implement the collection and verification of biometric information against the national population database, requiring all individual and organizational payment accounts to have their biometric information verified when registering for transactions on digital channels.

As of August 15, 2025, the entire banking sector had collected and verified biometric information for over 123.9 million individual customer accounts (CIFs), achieving 100% of the total number of individual customer payment accounts conducting transactions via digital channels. For institutional customers, biometric information verification was performed on over 1.3 million accounts, also achieving 100% of the total number of institutional customer payment accounts conducting transactions via digital channels. This has yielded positive results in data cleaning, with a more than 59% reduction in fraud cases and a 52% reduction in accounts involved in fraud compared to before the implementation of biometric verification.

Cleaning up customer data helps reduce fraud.

The National Credit Information Center (CIC), in coordination with C06 of the Ministry of Public Security, has completed six rounds of data verification and cleaning for approximately 57 million customer records using offline methods. 63 credit institutions and branches of foreign banks have implemented the use of chip-embedded citizen identification cards via counter devices; 57 credit institutions and 39 payment intermediaries have implemented the use of chip-embedded citizen identification cards via mobile apps; and 32 credit institutions and 15 payment intermediaries are currently implementing the VNeID application.

Regarding cashless payment results, in the first 7 months of 2025 compared to the same period in 2024, cashless payment transactions increased by 44.40% in volume and 25.04% in value; via the Internet channel increased by 49.65% in volume and 35.61% in value; via mobile phone channel increased by 38.34% in volume and 21.24% in value; transactions via QR Code increased by 66.73% in volume and 159.58% in value; via the Interbank Electronic Payment System increased by 4.41% in volume and 45.27% in value; and via the Electronic Financial Switching and Clearing System increased by 15.77% in volume and 3.77% in value.

Also, in the first seven months of 2025 compared to the same period, ATM transactions continued to decrease by 15.83% in volume and 4.97% in value, indicating that the demand for cash payments and withdrawals among the population is trending downwards and being replaced by cashless payment methods and habits.

In addition, to date, 32 entities have partnered with VNeID to facilitate social security payments; these include 28 banks and branches of foreign banks (Vietinbank, BIDV, Vietcombank, LPBank, Vikki Bank, MBBank, PvcomBank, HDBank, CoopBank, ShinhanBank, TPBank, NCB, Nam A Bank, KienlongBank, Agribank, BVBank, ACB,MSB , Sacombank, BaoViet Bank, Techcombank, ABBANK, VIB, VPBank, SaigonBank, VietABank, MBV, OCB) and 4 payment service providers (VNPT Money, Mobifone Money, Viettel Money, MOMO).

cand.com.vn

Source: https://baolaocai.vn/xac-thuc-sinh-trac-hoc-giup-giam-59-vu-lua-dao-post881411.html