Cracking Down on the Sale and Rental of Bank Accounts
In the past, Vietnam has witnessed a proliferation of “junk” bank accounts. These are accounts registered to individuals but are then sold to fraudsters for prices ranging from a few hundred thousand to a few million dong.
 Facial recognition will curb the sale and rental of bank accounts. Photo: Le My |
With the introduction of Decision 2345/QD-NHNN, effective July 1, 2024, online transfers exceeding VND 10 million will require facial recognition to be completed. This measure aims to curb the sale and rental of bank accounts.
According to Mr. Vu Ngoc Son, Technical Director of the National Cyber Security Technology Company (NCS), the State Bank’s regulation mandating facial recognition for transactions over VND 10 million will reduce the number of “junk” and virtual accounts. This means that even if a victim transfers money to a fraudulent account, the funds can be retrieved as the fraudster won’t be able to transfer it further. This is an effective tool in combating online fraud by limiting the scope of fraudsters’ activities through the elimination of most “junk” bank accounts.
At the workshop “Enhancing Security and Safety in Cashless Transactions,” held on June 14 in Ho Chi Minh City, Mr. Ngo Tuan Anh, General Director of the SCS Security Company, stated that current fraud cases persist due to the existence of rented and impersonated bank accounts. He mentioned instances where fraudsters travel to remote and mountainous areas, asking vegetable sellers in the market to borrow their identification cards to open accounts, which they then use for fraudulent purposes. Hence, Decision 2345’s requirement for facial recognition during transfers helps prevent criminals from using borrowed accounts for fund transfers.
At the aforementioned workshop, Mr. Pham Tien Dung, Deputy Governor of the State Bank, quoted a renowned cybersecurity expert who emphasized that with Decision 2345, account holders must undergo facial recognition to perform transactions. Therefore, rented accounts cannot be utilized in this scenario.
No Solution is Completely Safe
At the regular Government press conference for June, held on July 6, Mr. Pham Tien Dung, Deputy Governor of the State Bank, stated that the primary objective of Decision 2345 is to “clean up” bank accounts. Currently, citizens possess citizen identification cards with chips, whereas previously, multiple documents, including old identification cards, could be exploited by criminals to create fake papers. Now, the State Bank, in collaboration with the Ministry of Public Security, is working to “clean up” accounts, and only transactions exceeding VND 10 million will require customers to undergo facial recognition.
Some have questioned whether this solution is entirely safe. In response, Mr. Pham Tien Dung acknowledged that no solution is foolproof, as criminals will always seek alternative methods. Banks must continuously raise awareness, disseminate information about these solutions, and provide recommendations to the public, especially when new fraud schemes emerge.
Mr. Vu Ngoc Son concurred that while Decision 2345 will eliminate most junk accounts, there remains a risk of fraudsters hiring individuals to open accounts and then transferring money for them. Therefore, in addition to enhancing facial recognition measures from July 1, it is crucial to intensify awareness campaigns to empower people to recognize fraud schemes and understand the legal implications of aiding fraudsters by renting out their accounts or conducting money transfers on their behalf.
Echoing this view, a payment expert pointed out that fraudsters will not remain idle in the face of new measures implemented by authorities. They will devise more sophisticated schemes, such as the recent case where fraudsters impersonated bank officers to assist individuals in facial recognition account setup, only to subsequently steal their account information. Hence, the most critical aspect remains public awareness, ensuring that people can recognize and respond appropriately to fraud attempts.
Le My
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