Banks are taking steps to enhance the security of online transactions.

According to the Vietnam Information Security Warning Portal, there were approximately 13,900 cyber-attacks and nearly 16,000 online fraud cases in 2023, causing damages of 390 trillion VND (equivalent to 3.6% of Vietnam’s GDP).

In response to this situation, the State Bank of Vietnam (SBV) has issued several circulars to implement security and protection measures for online payments and bank card transactions.

To date, after more than 5 months of implementing biometric authentication, incidents of fraudulent account theft have decreased significantly. However, after restricting payment fraud through personally identified accounts using biometric authentication, new instances of fraud have emerged through organisational and business accounts.

In response to this phenomenon, SBV must implement remedies to ensure payment security for both individual and organisational customers.

Currently, according to the Identity Card Law, old national identity cards or non-chip citizen identity cards will expire from January 2025 regardless of their remaining validity period.

Therefore, all customers transacting with banks using these documents must verify their information with legal documents in accordance with the Identity Card Law. This is a mandatory regulation that credit institutions, individual customers, and organisations must strictly follow.

However, in practice, even after these regulations have come into effect, some customers have not yet updated their personal information and completed biometric authentication as required, due to both objective and subjective reasons.

Therefore, to address this situation, proactive cooperation and responsibility from citizens themselves are essential in working with banks to complete the procedures.

Furthermore, as these new regulations have widespread and direct impact on millions of customers, banks need to actively cooperate to effectively support their customers.

In the immediate term, banks need to continue strengthening public awareness campaigns. Additionally, they should continuously improve service quality and technological infrastructure to support customers in updating their biometric information in the most convenient and straightforward manner possible./.