ANTD.VN - The State Bank said that the application of the regulation that transactions from 10 million must be biometrically authenticated will only apply to transfer transactions, not payment transactions.
Recently, the State Bank issued Decision 2345/QD-NHNN on implementing safety and security solutions in online payments and bank card payments. Accordingly, the State Bank requires credit institutions to apply biometric authentication measures for some types of transactions in online payments on the Internet.
Specifically, bank money transfers (to different account holders) or deposits into e-wallets of over VND 10 million or total value of money transfers and payments in a day exceeding VND 20 million must be authenticated by biometrics (such as face, finger or hand veins, fingerprints, iris, voice).
According to the State Bank, this technology is considered to minimize the possibility of counterfeiting and will have the highest security.
The above regulations shall apply from July 1, 2024. For credit institutions under special control, the application period shall be from January 1, 2025.
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Transfers of 10 million VND or more will require biometric authentication. |
Regarding this issue, some credit institutions are concerned that they will encounter difficulties in investing in technology or synchronizing databases. However, the State Bank believes that the highest goal of the above regulation is to protect the safety of assets for users of banking services, so credit institutions must promote their responsibility in protecting customers.
Mr. Pham Anh Tuan, Director of the Payment Department of the State Bank, said that in fact, Decision 2345 was not sudden, but as early as April 24, 2023, when the State Bank and the Ministry of Public Security signed the Plan to implement the tasks in Project 06, it raised the issue of orientation that the State Bank would use biometric data to authenticate payment transactions.
Furthermore, Decision 2345 stipulates that the application period is from July 1, 2024, and credit institutions under special control are from January 1, 2025, so there is enough time for credit institutions to research, equip, and purchase.
According to Mr. Tuan, the Law on Credit Institutions and related regulations require credit institutions to ensure that when opening an account and when customers use the account, they must ensure that the account is owned by the correct owner.
“We must be responsible for people's deposits, not leave loopholes and use accounts arbitrarily, without ensuring ownership. We really hope that credit institutions will fully promote their responsibility to protect customers. People only open accounts at our banks because they trust us, so we must make sure that people do not worry about fraud, cheating, or loss. And when there is fraud, we will keep it to a minimum, because if the transfer exceeds that limit, biometric authentication is required,” said Mr. Tuan.
However, the leader of the Payment Department also clarified that the above regulation only applies to money transfer transactions and not to payment transactions. All payment transactions for payment acceptance units and points of purchase authenticated by credit institutions and payment intermediaries do not require the paying party to undergo biometric authentication.
“For example, paying electricity bills of hundreds of millions, transportation fees, taxes, insurance… of hundreds of millions, with a clear destination, does not require biometric authentication. But in the case of transferring money from person A to person B, over 10 million, biometric authentication must be performed to show that I am the account owner, I am transferring that amount of money.
In case of transfers under 10 million VND, the total balance of the transfer on that day is allowed to not exceed 20 million without requiring biometric authentication. If it exceeds 20 million VND, the next transaction will require biometric authentication and then will be reset to the next 20 million level" - Mr. Pham Anh Tuan further explained.
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