According to Decision No. 2345/QD-NHNN dated December 18, 2023 of the State Bank on implementing safety and security solutions in online payments and bank card payments, from July 1, 2024, all money transfer transactions with a value of VND 10 million or more must go through a biometric authentication step for the sender. Specifically, money transfer transactions over VND 10 million/transaction or the total amount of transactions in a day from VND 20 million or more, payment transactions over VND 100 million... must all perform transaction authentication by face.

Furthermore, in order to improve user safety when transacting online in the face of increasingly complex fraud, according to Article 2 of Decision 2345, the State Bank also requires biometric authentication for the first transaction on a banking application (mobile app) or for transactions on a device other than the device used for the last transaction.

At MSB, since the beginning of June 2024, the bank has collected biometric data through chip-embedded citizen identification cards on the MSB mBank application, or customers are supported directly at transaction counters. MSB has also communicated on many channels (website, YouTube, directly on the MSB mBank application...).

From July 1, 2024, MSB will also implement 100% of transactions over 10 million VND/time or total daily transaction amount from 20 million VND or more, payment transactions over 100 million VND... will match the customer's face with the face data on the CCCD stored at the Ministry of Public Security; ensure that the transactor is the bank account owner with modern face matching technology.

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Updating biometric data on the MSB mBank application is detailed in the following 4 steps:

Step 1: Log in to the MSB mBank application, select the "Update STH information" feature in the Settings section or the "Update STH information" button on the main screen of the application (In case you cannot find the "Update STH information" button, go to the IOS or Android application market to download the latest application version).

Step 2: Take a photo of the back of the CCCD with the chip attached according to the instructions.

Step 3: Scan CCCD with the back of a mobile device with integrated NFC.

Step 4: Check the information and complete the authentication successfully.

In order to encourage customers to proactively perform biometric authentication, during this time, MSB also offers many attractive incentive programs.

Specifically, the bank refunds up to VND 3.6 million to parents of students when transferring/paying via the M-Pro account package, and refunds 10% (with a total value of up to VND 12 million per year) to those who pay tuition fees using MSB Visa Signature credit cards. In particular, after successfully updating the CCCD chip and participating in the highest interest rate online deposit product or partially withdrawing the principal online with an amount not exceeding VND 5 billion right on the MSB mBank application, users will enjoy an interest rate 1% higher than the listed rate at the counter for deposits from 6 months.

For details on products and services, see: https://www.msb.com.vn/vi/ca-nhan/ or contact hotline 24/7: 19006083

Bean Linh