At a press conference announcing the Vietnam Card Day 2024 event on the morning of September 26, Mr. Pham Anh Tuan, Director of the Payment Department, State Bank of Vietnam (SBV), said that as of mid-September 2024, about 38 million bank accounts had been collected biometric data, including nearly 4 million e-wallets.
Most customers who make transfer transactions of over VND 10 million/time or a total transaction of over VND 20 million/day have registered biometric information to check and re-authenticate the account holder when making transactions, as required by Decision 2345 of the SBV.
Mr. Tuan affirmed that the objective of Decision 2345 is to ensure that the account must be in the same name when performing services related to the account, related to the card, and related to the wallet. Thereby, contributing to limiting fraud by transferring money to accounts that are not in the same name, which are rented, bought, or borrowed from others.
There are 38 million accounts with collected biometric data. Photo: Hoang Ha. |
After two months of implementation, the average number of transactions was about 25 million transactions/day. Compared to the average number of transactions before July 1, 2024, the number of transactions remained almost unchanged.
“Decision 2345 has been extremely positive, with only 700 cases of fraud after July 1, a 50% decrease; the number of accounts related to fraud decreased by 72% compared to the average of the first seven months of the year,” said Pham Anh Tuan.
The above results show a very positive impact, in which Decision 2345 has made a significant contribution to curbing fraud in payments.
The Director of the Payment Department expressed his hope that payment service providers and payment intermediaries would continue to collect biometric data and check biometric data stored on the embedded chip CCCD.
These contents are specified in Circular No. 17 of the State Bank on the opening and use of payment accounts, Circular No. 18 on the regulations on bank card activities, and Circular No. 40 on the regulations on payment intermediary activities.
Accordingly, from January 1, 2025, individual customers who have not had their biometric information collected by credit institutions and payment intermediaries will only be able to transfer money directly at the bank counter.
“The above deadline is approaching, and credit institutions and payment intermediaries are urgently promoting this,” Mr. Tuan noted.
Mr. Pham Anh Tuan informed that in October, the SBV will issue a circular replacing Circular 35 on security and safety in online transactions. This circular will replace Decision 2345 and have a higher legal value in the system of legal documents.
However, the Director of the Payment Department said that not all transactions must be authenticated with biometrics. But the conditions for performing transactions through electronic means also help payment service providers and payment intermediaries to check their data again, ensuring that customers provided with services in the electronic environment must be guaranteed to be in the same name.
“We also want to convey a message to the people that at any time, customers can request the bank to check and register for biometric authentication. This ensures the rights of the customers themselves, contributing to curbing fraud and scams in payments,” he added.
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