ANTD.VN - In 2024, the banking industry will focus on ensuring system security and safety in payment activities, in the context of strong development of payment activities but also increasing fraud and scam crimes.
Rapid growth comes with safety challenges
According to Deputy Governor of the State Bank of Vietnam (SBV) Pham Tien Dung, in recent times, payment work has achieved many impressive results. If in the period 2015-2017, the World Bank (WB) report showed that 31% of adults in Vietnam had payment accounts, then to date, this number has increased to 77.41%. Many banks report that over 90% of transactions are conducted on digital channels, with some banks reaching a rate of up to 98%.
In terms of transaction volume, if in 2019, the clearing system had about 700 million transactions, a dream number at that time, by 2023, the number of transactions had reached 7 billion transactions, 10 times higher than in 2019.
If in 2017, only a few banks had Mobile Banking, now all transactions are done on mobile, bringing a completely different communication to users.
Previously, banking transactions were purely in the banking sector, but now, through banking apps, users can book airline tickets, choose seats, book taxis, pay electricity and water bills... showing that the integration of the banking sector and other economic sectors is at a very high level.
According to Pham Anh Tuan, Director of the State Bank of Vietnam's Payment Department, up to now, the entire system has more than 180 million personal payment accounts. Payment via Internet, Mobile and QR Code methods have grown rapidly, up to now, there have been 85 payment service providers implementing payment services via the Internet and 52 organizations implementing payment services via Mobile.
The average growth in the number of payment transactions via the Internet and Mobile over the years has reached 46.48% and 90.12% respectively; for payment via QR Code alone, from 2018 to present, the average growth in the number of transactions via QR Code has reached 471.13% per year.
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Cashless payments are increasing rapidly but also come with many risks. |
However, according to Deputy Governor Pham Tien Dung, as the number of customers increases, transactions increase in both quantity and quality, and complex connections also pose many challenges to management and ensuring security and safety in the payment sector.
Specifically, it is the growth in the number of accounts accompanied by the problem of using fake documents to open payment accounts, or many individuals opening accounts and then reselling them to others for use, illegal transactions... Besides, there are also risks of losing system security and safety.
Therefore, when many banks have reached more than 25 million customers - a dream number for many countries, ensuring security and safety will become even more important.
Actively clean data, repel fraud and scams
Regarding the work of ensuring security and safety in payment activities, Mr. Pham Anh Tuan said that the State Bank has actively coordinated with the Ministry of Public Security and relevant agencies to implement many measures to contribute to preventing and minimizing the risks of fraud, scams and loss of payment security and safety.
The State Bank also strengthens management, inspection and examination of payment service provision activities to detect and handle violations and rectify payment service providers.
In particular, recently, the State Bank has issued and implemented Coordination Plan No. 01/KHPH-BCA-NHNN on implementing tasks in Project 06/QD-TTg between the Ministry of Public Security and the State Bank; thereby, cleaning customer data, exploiting chip-embedded citizen identification data and using VneID accounts to verify customer identification information... in opening and using payment accounts/bank cards.
Most recently, the State Bank of Vietnam issued Decision No. 2345/QD-NHNN dated December 18, 2023 on implementing security solutions in online payments and bank card payments (effective from July 1, 2024), which stipulates the requirement to verify customer biometrics with chip-embedded citizen identification data, VNeID accounts... according to prescribed transaction limits.
Regarding the actual implementation results, Vietcombank representative said that, up to now, Vietcombank has carried out 8/11 tasks in 2023 according to Plan 01, focusing on 3 main tasks:
First, the application of chip-embedded citizen identification cards: Since May 2023, Viecombank has developed a tablet application with an integrated chip-embedded citizen identification application to identify and authenticate customers when they come to transact at the counter. In 2024, the Bank will continue to upgrade and expand the scope of application both on the counter and electronic channels;
Second, VneID application in: Authenticating and updating customer information; Opening accounts and registering for products and services from VNeID app; Opening accounts and registering for value-added products and services on VCB Digibank;
Third, credibility scoring: Vietcombank and the Ministry of Public Security have completed the technical solution and service testing, preparing to deploy on the product environment. Pilot service in early 2024...
According to a representative of VietinBank, the Bank has previously collected more than 6 million customers' biometric data through the eKyC account opening process as well as through biometric collection on phones and at counters.
However, with the desire to clean all old data once and again, VietinBank will integrate with the National Population Data Center to clean all 6 million collected biometric data as well as require all customers who do not have biometrics to go to the VietinBank digital banking environment through the digital application to supplement, update and enrich banking data.
According to Governor of the State Bank of Vietnam Nguyen Thi Hong, trust in the banking system is very important, therefore, in 2024, the banking industry will focus on payment work to ensure system security and safety.
“If no matter how well all banking activities are done, if payment activities have operational risks, when people lose money, we cannot protect the legitimate rights and interests of people when they use our services, then trust will decrease,” the Governor emphasized.
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