The State Bank of Vietnam (SBV) has recently issued Circular No. 50/2024/TT-NHNN (Circular 50) regulating the safety and security of online banking services. The Circular will take effect from the beginning of 2025.
Among its provisions, Clause 3, Article 17, Chapter 4 stipulates that banks must not send SMS or email messages to customers containing hyperlinks to websites, except at the customer’s request.
Image: Criminals hacking into a bank’s system and sending fake brand name messages. (Source: Cong an Nhan dan)
This regulation comes amidst a rise in criminal activities where scammers impersonate banks to defraud individuals of large sums of money. These scammers use popular communication channels such as social media (Facebook, Zalo…), SMS, email, and phone calls to lure customers into accessing fake bank links, ultimately stealing their electronic banking security information (such as login names, passwords, OTP codes…)
By prohibiting banks from sending unsolicited messages with links, customers will be better equipped to identify fraudulent messages.
In addition to the above requirement, Circular 50 also covers various other safety and security aspects. For instance, electronic banking applications will not allow password memory functions. Moreover, credit institutions must implement measures to prevent, detect, and respond to unauthorized interventions in Mobile Banking applications installed on customers’ mobile devices.
The Circular also mandates that banks register and manage their Mobile Banking applications on official app stores and guide customers to install applications from trusted sources.
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