TRANSFERS OF OVER VNĐ10 MILLION WILL REQUIRE BIOMETRIC AUTHENTICATION STARTING JULY 1ST

Starting from July 1st, biometric information such as fingerprints and facial recognition will be required to finalise transactions of VNĐ10 million (US$391) or more, according to Decision No 2345 by the State Bank of Việt Nam (SBV).

Biometric security, which will be matched to data stored in the national ID database, is already required to transfer more than VNĐ20 million a day, regardless of the amount of each transfer. Users who transfer money for the first time via mobile banking and e-payment platforms must also log in using biometric information.

Commercial banks have been sending their customers notifications and reminders to update their biometric registration in anticipation of the new rules.

In addition, people who switch online payment applications or with recurring payments over VNĐ100 million must also be authenticated using biometric information.

Trần Công Quỳnh Lân, Deputy Director General of VietinBank, said hundreds of thousands of customers have proactively updated their biometric information.

The banks said biometric registration can be done using online applications. Users' devices must have facial or fingerprint scanners and NFC (Near-Field Communications) functionality. If a customer’s device lacks these features, they can visit the nearest bank branch for additional assistance.

The central bank said the new rules will help fight a surge in online fraud, which has ensnared thousands of victims across the country.

"Fraudsters often hide their real identity and erase traces of transactions by buying or renting 'dummy' accounts for money transfers," he said.

He added that biometric authentication would filter out such accounts and help prevent fraudulent activities. Adding another layer of security, on top of SMS OTP and soft OTP, can further protect account owners' funds.

The central bank's governor Nguyễn Thị Hồng said the new rules also require citizens to present chip-embedded ID cards when opening electronic accounts at banks. Citizens without chip-embedded ID cards must visit the bank for verification and follow account owner identification procedures.

Source: VNS

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