Money transfers will require facial authentication

That is the remarkable information announced at the Workshop "Digital transformation of banking, finance and opportunities for farmers" organized by the Vietnam Farmers' Association in coordination with the State Bank of Vietnam (SBV) on the morning of October 13 in Hanoi.

Mr. Pham Anh Tuan - Director of the Payment Department, State Bank of Vietnam, said that this agency has studied the draft and sent it to credit institutions to get their opinions on biometric authentication measures and data collection from chip-embedded ID cards.

This is a prerequisite to ensure the owner when opening an account using eKYC, and is also a prerequisite to ensure that the person opening the account is the person performing the payment service.

When making a transaction, the person making the transaction will be checked biometrically by face. This is one of the enhanced measures to ensure the highest safety for people when making payment services in the digital environment.

It is expected that this decision will take effect from April 1, 2024 to allow enough time for credit institutions and payment intermediaries to collect user data.

The management agency has also issued a document requesting credit institutions (CIs) and payment intermediaries when sending messages via Email, SMS, etc. to users, to absolutely not use links in the content of that information.

Along with the propaganda to raise user awareness, people will automatically consider messages containing links as unofficial. "Currently, the fake links in scam messages have caused many people to be fooled. We require all credit institutions to verify the owner's phone when providing mobile banking services at the counter, this limits information loss, information being bought and sold, and exchanged," said Mr. Tuan.

Mr. Pham Anh Tuan spoke at the Workshop.

According to Lieutenant Colonel Trieu Manh Tung, Deputy Director of the Department of Cyber Security and High-Tech Crime Prevention (A05), Ministry of Public Security, in order to further limit fraud cases, people first need to raise awareness about information security.

It is very difficult to attack accounts and hack users' phones. Currently, banking applications also have very good security, so it is very difficult to get accounts.

Usually people lose control of their accounts because they let the subjects take advantage of the user's subjectivity, even the user sends the OTP code, password to the scammer. Second, the user clicks on a link containing malicious code that allows the subjects to control the user's device.

"We should not click on any links or we will easily lose our accounts," said Mr. Trieu Manh Tung.

In addition, Mr. Tung advised people to be vigilant against online invitations such as participating in e-commerce platforms with high commission discounts, or even impersonating the police, the People's Procuracy, or the Court to ask victims to transfer money.

At the workshop, Mr. Pham Van Quyen, Director of Nam Viet Agricultural, Forestry and Fishery Cooperative (Tien Lang, Hai Phong) shared the story of being approached by two people who talked to him and lured him into interacting and promoting sales on e-commerce channels.

Through this story, Mr. Quyen recommended that the authorities coordinate to find more radical solutions to handle junk accounts, thereby reducing fraud and farmers will also be more confident when participating in the digital transformation process of the banking industry.

Meanwhile, Mr. Nguyen Van Nam, Director of a Chu noodle cooperative in Bac Giang, recommended that authorities take stronger action in eliminating online fraud.

Source