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Transferring 10 million VND may require biometric authentication

It is expected that biometric authentication such as fingerprint, iris, or facial recognition will be mandatory for money transfers exceeding the minimum level, possibly starting from 10 million VND (410.93 USD), said Deputy Head of the State Bank of Vietnam (SBV)’s Payment Department Le Anh Dung at a September 19 seminar on protecting bank accounts from increasing online fraud risks.
Transferring 10 million VND may require biometric authentication ảnh 1At a seminar on protecting bank accounts from increasing online fraud risks held in HCM City on September 19. (Photo: VGP)

Hanoi (VNA) - It is expected that biometricauthentication such as fingerprint, iris, or facial recognition will bemandatory for money transfers exceeding the minimum level, possibly starting from10 million VND (410.93 USD), said Deputy Head of the State Bank of Vietnam (SBV)’sPayment Department Le Anh Dung at a September 19 seminar on protecting bankaccounts from increasing online fraud risks.

In the near future, Dung also revealed that the SBV willamend Decision 630 to allow credit institutions to implement biometricauthentication for transactions surpassing certain limits.

Currently, 90% of online transfer transactions are below 10million VND. The figure could serve as a basis for reference to set the minimumtransfer amount requiring biometric authentication, ensuring a balance betweencustomer experience and fraud prevention.

Transferring 10 million VND may require biometric authentication ảnh 2Illustrative photo (Source: tienphong.vn)

Nguyen Tran Nam, Managing Director at the Asia CommercialBank (ACB)’s Digital Bank Division, said fraudulent money transfer transactionsusually do not occur on customers’ own devices. One of the latest tricks is topersuade them to install apps that allow hackers to interfere with theoperating system, monitor their behaviour on their mobile phones, and remotelycontrol the phones to steal money from the accounts. Nam held that biometricauthentication is a crucial factor in minimising such type of fraud.

Vietnam is a country with a high rate of online fraud, with 87,000 casesrecorded so far, according to the Global Anti-Scam Alliance (GASA). In 2021alone, the victims suffered losses of 374 million USD, equivalent to 4,200 USDper case./.

VNA
#biometric authentication #fingerprint #iris #facial recognition #online fraud risks #online transfer transactions #vietnam news agency #vietnamplus Vietnam
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