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From July 1, there are 4 cases where customers are forced to go to the bank counter to make transactions if transferring from 10 million VND or more.
Decision 2345/QD-NHNN (Decision 2345) to implement safety and security solutions in online payments and card payments will officially take effect from July 1.
According to this decision, customer transactions, especially large transactions from 10 million VND/time and 20 million VND/day, are required to be authenticated by biometrics. In addition, customers who deposit money into their e-wallets from 10 million VND or make interbank transactions abroad must be authenticated with a secured biometric sign.
Notably, according to Decision 2345, the biometric data collected by banks must match the biometric data stored in the chip of the citizen identification card (CCCD) issued by the police agency itself or authenticated by the electronic identification account (VNeID) created by the electronic identification system or match the biometric data stored in the database of the service provider that has been checked and compared with the chip-embedded CCCD, VneID.
Thus, from July 1, 2024, customers are required to go to the bank counter to make money transfers in the following cases:
The first, customers do not have a chip-embedded CCCD, only have an ID card or old CCCD.
Monday, customers cannot update biometrics on the banking app and have the authentication completed due to a technical error from the system.
Thursdaya, the customer has successfully authenticated biometric data on the banking app. But after July 1, when making a transaction, if the customer's facial biometric data does not match the data in the chip-embedded ID card (due to changes in some facial features leading to data mismatch) at the time of making a money transfer, depositing money into an e-wallet or transferring money between banks or paying for other transactions with large values, the customer will also be forced to go to the transaction counter.
WednesdayIn case of transaction congestion in the first few days when Decision 2345 officially takes effect, causing large-value money transfers to be blocked, customers will also have to go to the counter if needed.
The State Bank of Vietnam (SBV) said that for customers who do not have a chip-embedded ID card (have a valid ID card or ID card according to the law) or customers who are foreigners or customers using phones that do not support NFC, to make online transactions over 10 million VND, customers only have to register biometric information once at the bank counter, then customers can make transactions through the Mobile Banking/Internet Banking application, without having to go to the counter.
In the coming time, when the Ministry of Public Security provides electronic identification and authentication services, banks will deploy the integration of Mobile Banking/Internet Banking applications with the electronic identification and authentication system to allow customers to register biometric information through electronic identification accounts issued by the Ministry of Public Security.
Minimize account hijacking
According to the State Bank of Vietnam, the purpose of issuing Decision 2345 is to ensure that online banking transactions are legitimate in order to protect customers, contribute to reducing fraud and appropriation of customers' assets, as well as prevent cases of leasing, borrowing, buying and selling payment accounts and e-wallets for illegal purposes.
In essence, the solutions stipulated in Decision No. 2345 are to check the information of the account opener to match the information on the ID card issued by the Ministry of Public Security or the information in the national population database, eliminating fake, unregistered, and illegal accounts. Thereby, the credit institution will accurately identify and verify the customer during the payment transaction process.
According to statistics from the State Bank of Vietnam, about 70% of payment transactions of individual customers in Vietnam are worth less than 1 million VND, transactions over 10 million VND account for only about 11% of total transactions, the number of people with transactions over 20 million VND/day is also less than 1%. Therefore, biometric authentication does not greatly affect users' payment transactions.
According to Mr. Le Hong Phuc, Deputy General Director of the Bank for Agriculture and Rural Development (Agribank), Decision 2345 of the State Bank was issued very promptly and is a breakthrough.
In addition, this decision also makes banks improve their technological equipment, better protecting customers. Agribank is the bank with the largest number of online transactions in the system with about 254 thousand online transactions/day, accounting for 91.97% of the total number of transactions of the bank.
“In general, banks and customers have responded very well to Decision 2345. Agribank has actively prepared for the implementation of this decision of the State Bank, from equipping infrastructure, technology, human resources, and measures to ensure implementation from July 1, 2024 as prescribed,” said the Deputy General Director of Agribank.
As a bank serving the agricultural, farmer and rural sectors, the number of customers who are not tech-savvy accounts for a significant number at Agribank. Therefore, these days, the bank has proactively arranged staff to be on duty at the transaction counter to be ready to support and guide customers when they have problems in the process of registering for biometric authentication.
Previously, Agribank had trained the entire system, directly assigned branch directors to proactively deploy to customers before July 1, 2024, to ensure that by July 1, the bank will have a relatively complete customer biometric data warehouse.
