Circular 18/2024/TT-NHNN (Circular 18), effective from July 1, 2024, sets out regulations for bank card operations. However, certain provisions, including those on card issuance procedures (Article 9) and electronic card issuance (Article 10), will come into force on October 1, 2024.
Specifically, card-issuing organizations must collect documents, information, and biometric data to identify customers, including biometric information of cardholders for individual customers and legal representatives for organizational customers.
Online bank account and e-wallet opening require user biometric authentication.
Card-issuing organizations must verify and ensure the accuracy of biometric data, matching it with the encrypted data stored in the citizen identity card or residence card, or with previously collected and verified biometric data.
These organizations are responsible for thoroughly storing and maintaining customer identification information throughout the card issuance and usage process. This includes customer identification data, biometric data, audio and video recordings, transaction phone numbers, and transaction logs.
Similar regulations apply to customers registering for e-wallets electronically.
Previously, from July 1, the State Bank also mandated biometric authentication for online transfers of VND10 million per transaction or VND20 million per day, according to Decision 2345.
Additionally, per Circular 18, starting January 1, 2025, account holders must undergo biometric authentication with their bank to perform transactions. Furthermore, from July 1, 2025, accounts will be suspended if the citizen identity card expires.
Biometrics: Captivating the Consumer
As cyber fraud becomes increasingly sophisticated, the implementation of biometric authentication offers a robust defense mechanism to safeguard against unauthorized account access.
The Fingerprint Conundrum: Navigating Biometrics Without a Chipped ID
For high-value transactions exceeding 10 million VND per transaction or a daily total of over 20 million VND (type C and D transactions), customers are required to authenticate themselves using biometric identification.
“Biometric Authentication: The New Norm for ATM and e-Wallet Security”
As of October 1st, individuals registering for an e-wallet or electronic card must undergo biometric authentication, as mandated by the State Bank. This added security measure ensures the safety and integrity of your personal information, protecting you from potential fraud and identity theft. With this simple and secure process, you can rest assured that your financial transactions are in safe hands.
The Latest Updates: A Comprehensive Guide to the New Bank Card Regulations
On August 16, 2024, the Bank Card Club (Vietnam Bank Association) hosted its annual conference for 2024 and the tenure conference for 2024-2027 in Quang Ninh. The event was themed “Cards in the Context of Digital Payment Trends,” reflecting the industry’s focus on adapting to the evolving landscape of digital payments.
