SBV seeks safer online transactions for customers

Hanoi (VNA) – State Bank of Vietnam (SBV) Deputy Governor Nguyen Kim Anh on September 8 called for drastic steps to make online payments more secure. 

He told an online conference held by the central bank that commercial banks and customers needed better protection against hi-tech attacks. Such attacks on the banking and finance sectors were increasing in number, he said. 

He asked the Payments Department to intensify supervision of transactions and revise regulations covering credit institutions and intermediaries towards minimising risks in payment processes. 

Anh directed the Information Technology Department to build a roadmap for applying international security standards in payment systems, including ISO 27001 and PCI/DSS for bank card payments. 

Banking authorities will co-ordinate with the ministries of Public Security and Information and Communications in fighting IT scammers and guaranteeing cyber-network security, he said. 

He also said that SBV branches would check on any interruptions in non-cash payment services of credit institutions and intermediaries between now and the end of October, and report results by mid-November. Anh also asked the National Payment Corporation of Vietnam, formerly known as Vietnam Financial Switching JSC, to assist banks in detecting and handling doubtful card transactions. 

He urged credit institutions to thoroughly test their technological infrastructure, human resources and processes related to electronic payments, and submit reports to the SBV by October 30. 

The institutions should regularly check ATM and point-of-sale (POS) systems to make sure that cameras, alarms and other antitheft devices are in good condition, and ensure no spy ware is illegally installed, he said. 

Officials from the Ministry of Public Securities said on September 8 that banking and finance networks were now prime targets for hi-tech attackers world-wide and new payment scams had recently emerged in Vietnam. 

The central bank had already directed relevant agencies to enhance security against risks and frauds in payment transactions last month, following the unearthing of several scams. 

About 500 million VND (22,500 USD ) was stolen from the account of a Vietcombank customer in Hanoi last month, shocking account holders across the country. This is a huge sum of money in Vietnam, where the annual per capita income is around 2,100 USD . 

However, Ministry of Public Security officials also said on September 8 that Vietnam's electronic payment systems were basically secure. 

"The recent scams are rare. Customers should be more cautious about tricks criminals play cyber-space. They should not provide personal information to unreliable sources," Anh said.-VNA