Stop online stock trading if citizen identification is not updated

Notices of updating citizen identification information (CCCD) were sent by securities companies to investors earlier this week, at the request of the Securities Commission.

"From October 1, to ensure the principle of electronic transactions, those who do not update their CCCD on their accounts will have to go directly to the securities company to make transactions," said an announcement from FPT Securities Company (FPTS).

In addition to FPTS, investors opening accounts at other securities companies also received similar notices, effective from October 1.

Dragon Viet Securities (VDSC) said it only provides online trading services to accounts with investor information that matches the ID card in the National Population Database.

VIX Securities Company further recommends that, even when trading at the counter, investors must still standardize information.

According to securities companies, investors can update their CCCD information on the application, or send information via email or post.

Online trading is currently the main and most popular trading method in the stock market. Through applications on mobile devices or online platforms, investors can place orders, manage accounts, deposit/withdraw money anywhere, as long as there is an Internet connection.

Unlike biometric authentication of banks, updating when trading securities aims to synchronize and match personal information between the account and on the CCCD.

Security steps in online securities transactions are still mainly used through Smart OTP (one-time password) application or OTP via text message or email that customers have registered with the securities company.

This is a form of two-factor authentication (2FA) used to secure online accounts and transactions. One factor is the login password, the other is an OTP code from the user's device.

Smart OTP is a software installed on mobile devices, users can proactively get the authentication code without waiting for a message. This OTP code is only used once and expires after a short period of time.

As of the end of July, the Vietnamese stock market had nearly 8.33 million trading accounts. Of these, individual investors accounted for the majority, with 8.31 million accounts.