AsemconnectVietnam - The State Bank of Vietnam (SBV) will research and amend regulations on safety and security in online banking service provision to better protect customers, an SBV official said on July 4.

At a workshop on solutions to protect bank customers held in Hanoi, SBV Deputy Governor Pham Tien Dung said the banking industry has made continuous efforts and closely coordinated with relevant ministries and branches in the digital transformation process, with some notable achievements.
“More than 87% of the nation’s adults have payment accounts at banks. Many banks have more than 95% of transactions on digital channels. Non-cash payment has grown strongly, with annual growth rate of payment transactions via mobile and QR code reaching more than 100% per year in the 2017-2023 period,” Dung said.
He said there are regular investments and upgrades in banking technology infrastructure. Currently, the interbank electronic payment system handles an average of 830 trillion VND (33 billion USD) per day. Meanwhile, the financial switching and electronic clearing system handles an average of 20-25 million transactions per day.
However, Dung noted, while digital banking products and services have brought convenience, the banking industry has also faced risks and challenges related to security and safety, from cyber attacks to fraudsters using technology to scam and appropriate people's money, which are becoming more sophisticated.
Dung said to protect the rights and benefits of customers, the SBV will continue to invest in upgrading payment infrastructure and streamlining the information technology infrastructure of credit institutions and payment intermediaries to ensure bank services to run smoothly and safely and well connected with services of other industries, such as health care.
“We will continue to coordinate with the Ministry of Public Security to effectively implement Project 06, with a focus on exploiting chip-based ID information and e-identification app VNeID accounts, to accurately identify and authenticate customer information,” he said, adding banks will support customers in providing banking products and services in a convenient and safe manner and ensuring the prevention of risks and frauds over online payments.
The SBV also plans to enhance information security and safety in payment and banking activities and coordinate with relevant agencies in preventing, investigating and handling high-tech crimes to protect the legitimate rights and interests of customers.
They are also pressing ahead with financial education and communication programmes, to improve knowledge and skills for the public, especially people in rural and remote areas.
The SBV has recently launched biometric verification, with facial recognition, to finalise online banking transactions of 10 million VND (391 USD) or more.
The policy is aimed to ensure that online payment transactions are only made by the bank account owner, which will help improve security and confidentiality and minimise the risk of frauds and scams in online payment transactions. According to the bank, three days after the change, online banking transactions have basically run smoothly.
Source: Vietnamplus.vn