Vietcombank deploys biometric authentication for online transactions

Vietcombank will implement biometric authentication for some types of online transactions from July 1, 2024 and recommends that customers promptly update biometric information on the VCB Digibank application to avoid transaction interruptions.

Enhance a layer of protection for customers' online transactions Biometric authentication with facial information (Facepay) is an additional layer of authentication in addition to the current authentication layer using OTP messages (SMS OTP) or Smart OTP. When making a transaction with the prescribed value, customers must successfully authenticate their biometrics before they can continue to the authentication step using SMS OTP or Smart OTP. The implementation of Facepay helps increase customer protection against the complicated developments of fraud, theft of confidential information and appropriation of assets in cyberspace. With the application of Facepay, even in the case of using tricks to steal customer information, criminals will hardly be able to carry out the act of dissipating assets by transferring large amounts of money to other accounts, contributing significantly to helping customers minimize damage when risks occur. This is a very strong and drastic step of the State Bank in strengthening the safety and security of online payments, thereby creating a healthy environment to promote the widespread and sustainable development of cashless payments. Which transactions must be authenticated by biometrics? Pursuant to Decision No. 2345/QD-NHNN dated December 18, 2023 of the State Bank of Vietnam on implementing safety and security solutions in online payments and bank card payments, from July 1, 2024, all types of online transactions of individual customers must be authenticated by biometric identification signs (currently authenticated by facial information) including: Transferring money within a bank with a different account holder/transferring money between domestic banks/recharging e-wallets with a value of over 10 million VND/transaction or a value of 10 million VND or less but the total transaction value in a day is over 20 million VND; Transferring money abroad; Paying bills for goods and services with a total transaction value of over 100 million VND per day; Activating digital banking services for the first time or changing devices using digital banking applications. Biometric authentication applies to online transactions on VCB Digibank digital banking with the prescribed value and limit. For basic transactions serving daily essential needs such as money transfer/e-wallet top-up with a value of 10 million VND or less or a total transaction value of 20 million VND or less per day, paying electricity, water, telecommunications, tuition, hospital bills... with a total transaction value of less than 100 million VND per day, customers do not need to authenticate with biometrics. 3 simple ways to update biometric information at Vietcombank Currently, customers can register/update biometric information in 3 simple and quick ways as follows: First, update online via App-to-App connection between VCB Digibank application and VNeID application. With this method, customers only need to log in to VCB Digibank application >> Utilities >> Update biometrics >> Select "Electronic identification account (VNeID)" and follow the instructions on the screen. To do this, customers need to have a VNeID level 2 electronic identification account and update the latest version of VCB Digibank application. Vietcombank is the first bank to exploit the Electronic Identification and Authentication System through a direct connection between VCB Digibank application and VNeID application. This feature will be launched from July 1, 2024. Second, update online via NFC connection between the chip-embedded citizen identification card (CCCD) and phone. Specifically, customers log in to the VCB Digibank application >> Utilities >> Update biometrics >> Select “Chip-embedded citizen identification card” and follow the instructions on the screen. During the process, customers only need to “touch” the chip-embedded citizen identification card on the back of the phone to update and authenticate information. At the same time, customers should note to use the latest version of the VCB Digibank application. Third, update directly at Vietcombank's transaction points. In case there is no level 2 electronic identification account or the phone does not have NFC or does not have a chip-embedded CCCD, or for some reason cannot be done online, customers can go to Vietcombank's transaction points to update biometric information. The list of transaction points serving biometric information updates is available on Vietcombank's website. Customers only need to update biometric information once at the bank. If personal information and biometric information change, customers need to update it (no limit on the number of updates). Vietcombank reminds customers to only update biometric information via the VCB Digibank application or directly at Vietcombank's transaction points, absolutely do not update via any other website or application to avoid the risk of fraud and fraud. Foreign customers need to go directly to any Vietcombank transaction point, bring their passport and documents proving their valid residence period to authenticate their facial portrait image. The implementation time is very quick, just a few minutes. To inform foreign customers, Vietcombank has sent specific notifications via OTT messages right on the VCB Digibank application. With available platforms and careful and timely preparation, Vietcombank is committed to serving customers with the most convenient biometric updates and authentication, helping customers to conduct safe online transactions, ensuring compliance with the regulations of the State Bank in Decision 2345.

Thuy Nga

Source: https://vietnamnet.vn/vietcombank-trien-khai-xac-thuc-bang-sinh-trac-hoc-voi-giao-dich-truc-tuyen-2296544.html