Account Security Breached via SMS, OTP, Numerous Accounts Emptied
In mid-March 2024, Ms. Tran Thu H. (Hai Ba Trung, Hanoi) received a call from an individual posing as a “network operator employee” offering a program to “support changing SIMs from 3G to 4G” and requesting an OTP code and personal information. Ms. H. subsequently had her SIM card hijacked by a scammer who used the OTP code to withdraw nearly 300 million VND from her account.
Image: VMG eID-VMG Bio-2345 – a new solution to protect bank accounts
Previously, many customers of Bank V received messages stating: “Your VDigibank app has been detected as being activated on an unknown device. If you did not activate it, please click on http://vxxxx.vn-vm.top to switch devices or cancel to avoid losing your assets.” These messages cleverly arrived in the same thread as genuine bank messages and the website name was similar to the bank’s domain name. This led many users to believe that the messages were from the bank, resulting in numerous customers following the instructions and having their bank accounts compromised, with substantial amounts of money stolen.
The aforementioned scams demonstrate that managing accounts using SMS OTP or passwords still involves loopholes that allow scammers to exploit customer accounts.
In light of this situation, the State Bank of Vietnam issued Decision 2345/QD-NHNN in late 2023 to ensure the safety and security of online transactions.
Consequently, from July 1, 2024, customers transferring money via online accounts or depositing into e-wallets over 10 million VND must be biometrically authenticated using facial recognition or fingerprint scans. Additionally, individual customers must also undergo biometric identification before using a banking application (mobile banking) for the first time or before making transactions on a device other than the one used for the most recent transaction.
VMG eID and VMG Bio-234 Enable Banks to Protect Citizen Accounts
Experts believe that Decision 2345 by the State Bank of Vietnam (SBV) is essential in the current landscape of sophisticated online scams, offering citizens peace of mind knowing that their savings are secure from sudden withdrawals.
To ensure that Decision 2345 is effectively implemented by July 1, banks must have robust, fast, and secure systems that meet strict professional standards. Recognizing this critical need in the banking sector, VMG Media Joint Stock Company has developed a solution system with exceptional features that surpass current market offerings.
Image: VMG provides VMG eID solution for authenticating chip-based ID cards and VMG Bio-2345 solution for biometric authentication in accordance with the standards of the Ministry of Public Security
VMG offers two solutions: VMG eID (authentication of chip-based ID cards) and VMG Bio-2345 for biometric authentication, which adhere to the standards of the Ministry of Public Security (A05/C06) and seamlessly integrate with the regulations of the State Bank. The VMG eID solution completes the eKYC process with digital banking, minimizing risks and ensuring highly accurate ID card authentication that is legally protected by the Ministry of Public Security. The solution optimizes the experience for individual/retail customers by enabling ID card authentication using an ID card reader at the counter.
Image: VMG eID and VMG Bio-2345 combine all the necessary elements to be the most optimal solution today
VMG eID and VMG Bio-2345 encompass all the elements required to be the optimal solution today, with an infrastructure that enables the fastest ID card authentication in the market (50-200 ms) and 99% accurate face matching speed (200-600 ms). The system combines a service flow that provides chip-based ID card authentication/biometric flow with an extensible mechanism for upgrading to electronic identification, authentication, and electronic authentication with the Ministry of Public Security’s national population database. Additionally, the system can be configured according to the security and business standards of the banking and finance sector. Notably, when real-time ID cards and data from the Ministry of Public Security’s original data storage system are queried, the system directly receives the authentication result (True/False).
With a team of professional engineers and experience in actual deployments at banks, financial institutions, and securities firms, VMGeID and VMG Bio-2345 are optimal solutions that strengthen protective barriers and prevent sophisticated online fraud. Simultaneously, they provide optimal and secure technological conveniences for customers in the digital age.
Refer to the websites www.vmgmedia.vn and https://bio2345.vn/ for more information about VMG eID and VMG Bio-2345
