Illustrative image (Photo: VNA) The central bank has already given the green light to commercialbanks to roll out remote account opening using e-KYC, short for Electronic KnowYour Customer, making many traditional banking services such as makingdeposits, loans and payments available digitally.
"Customer authentication and security are among the sector's most importantpriorities. Having access to the national database will allow credit institutesto verify and assess customers' credit rating, speeding up the lendingprocess," he said.
Le Hoang Chinh Quang, deputy director of the SBV's IT Department, said theMinistry of Public Security (MPS) has started a campaign to tidy up andcross-reference 42 million customer profiles out of a total of 54 millionregistered.
The sector has been working in close collaboration with the ministry to expandthe scope and depth of customer authentication solutions, using chip-embeddedcitizen ID cards and the VNeID app.
For example, more than 40 credit institutes have started the process toimplement electronic identification and authentication using the ID cards while10 have started with the app.
Quang said, however, that the process will likely take time as there aretechnical and administrative procedures to be resolved before a fullimplementation.
Electronic authentication and identification using citizen ID could save timefor both banks and their customers while minimising the risk of documenttampering and fraud, said industry experts.
Senior Lieutenant Colonel Cao Viet Hung from the MPS said the banking systemhas been a popular target for cybercriminals, who constantly try to seek andexploit security weaknesses and loopholes within the system in recent years.
For example, they could claim to be law enforcement officers from the police,the tax department and social insurance agencies to request victims to installdubious applications on their phones. Once ownership of their bank accounts wascompromised, criminals could take over or steal their assets. Criminals couldalso create fake websites, and impersonate bank employees to swindle people.
In addition, there has been a surge of cases in which AI deepfakes wereemployed to mimic faces and voices of family members or friends to requestmoney transfers in recent times.
Hung said cybercriminals will likely continue to use more advancedtechnologies in the future to commit fraud.
He advised the sector to step up cooperation with the MPS, the SBV and paymentcompanies to establish a coordinated procedure aimed at limiting unauthorisedaccess to bank accounts and e-wallets, as well as to prevent the flow of fundsin a timely manner.
The colonel stressed the importance of enhancing the sector's IT security. Hesaid banks must take the initiative to clean up ghost accounts, often used forillegal activities, and severely sanction the buying and selling of customerdata./.
He advised the sector to step up cooperation with the MPS, the SBV and paymentcompanies to establish a coordinated procedure aimed at limiting unauthorisedaccess to bank accounts and e-wallets, as well as to prevent the flow of fundsin a timely manner.
The colonel stressed the importance of enhancing the sector's IT security. Hesaid banks must take the initiative to clean up ghost accounts, often used forillegal activities, and severely sanction the buying and selling of customerdata./.
VNA
