A number of commercial banks have recently advised their customers to update their biometric authentication or identity documents by January 1, 2025, as per the State Bank’s regulations.
According to Circulars 17/2024/TT-NHNN and 18/2024/TT-NHNN on the opening and use of payment accounts and bank card activities, bank account holders will be unable to perform online transactions such as cash withdrawals, money transfers, bill payments, and top-ups; as well as cash withdrawals/transfers at ATMs if they have not completed the biometric data verification and updated their identity documents or provided supplementary information to replace expired ones.
VPBank has announced that from January 1, 2025, customers who have not completed biometric authentication will not be able to perform online transactions. For account holders who do not have biometric data or have expired identity documents, transactions will be halted if their information at the bank does not match the data held by the Ministry of Public Security.
The bank is encouraging its customers to promptly update their identity documents and biometric data through its mobile application or at any of its branches and transaction offices nationwide.
Banks are encouraging customers to update their biometric data and identity documents before the January 1, 2025 deadline to avoid disruptions in banking transactions. |
“We have just launched a gift program worth nearly VND 7 billion for customers who complete biometric verification and update their identity documents between November 7, 2024, and January 12, 2025,” said a VPBank representative. “By complying with the regulations, our customers will contribute to reducing risks and enhancing security when using our banking products and services.”
Similarly, Nam A Bank has announced that from the beginning of 2025, it will temporarily suspend card transactions, payment transactions, and withdrawals from payment accounts if customers’ identity documents or proof of residence in Vietnam have expired or are no longer valid.
For card transactions, cash withdrawals, and electronic payments, Nam A Bank will halt transactions if customers have not completed the verification of their identity documents and biometric data.
Nguyen Lao Dong newspaper reporters have observed that several other banks, including Vietcombank, Sacombank, OCB, LPBank, Agribank, SHB, and ACB, have also communicated the new regulations and encouraged their customers to proactively update their identity documents, proof of residence in Vietnam, and biometric data.
According to statistics from the State Bank, after July 1, 2024 (the effective date of Decision 2345/QD-NHNN on the implementation of security and safety measures for online and bank card payments), the number of fraud cases decreased by 50%, to 700 cases; and the number of accounts involved in fraudulent activities decreased by 72% compared to the average of the first seven months, to 682 accounts.
By Thai Phuong, Photo by Lam Giang
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