VietinBank identifies customers to prevent fraud

To protect users from fraud and scams, VietinBank is always at the forefront of applying technology in its transaction activities. The bank has also been a pioneer in effectively implementing biometric authentication for customers since July 1st.

With the aim of ensuring safety in online transactions, the State Bank of Vietnam has issued Decision 2345.

According to this decision, from July 1st, when transferring money online exceeding 10 million VND per transaction or a total of over 20 million VND across all transactions in a day, customers will be required to use facial recognition. The transaction will only be successful if the verified face matches the data stored in the citizen identification card's chip.

VietinBank has verified the faces of over 5 million customers.

According to the State Bank of Vietnam, this solution aims to ensure transaction security for customers, preventing fraudsters from stealing money from their accounts.

As a leading state-owned commercial bank and a pillar of the economy , VietinBank prioritizes resources to implement solutions for collecting and cleaning customer data, minimizing the risk of online fraud.

As early as 2020, VietinBank invested in biometric technology solutions. Therefore, when Decision 2345 was issued, VietinBank was one of the first institutions to complete the solution set connecting with the National Population Data Center to verify customer biometrics.

VietinBank has proactively developed its technological infrastructure and biometric authentication solutions, ensuring that customers do not encounter difficulties in the transaction authentication process.

According to VietinBank, the implementation of biometrics has helped the bank gradually clean up customer data, minimizing account leasing, lending, and fraud. At the same time, this solution allows people to conduct online transactions with greater security and safety.

To date, VietinBank has successfully verified the credentials of over 5 million customers. The scale of money transfers via VietinBank's digital channels has grown impressively, with tens of millions of biometric-authenticated transactions each month. This number is projected to continue increasing in the near future.

VietinBank staff guide customers through biometric authentication - Photo: VTB

Commenting on the implementation of biometrics, Mr. Tran Cong Quynh Lan, Deputy General Director of VietinBank, said that this solution is a major step forward, bringing many benefits to both customers and the banking industry in general.

"We have cleaned up the banking system, enhanced security and safety for customers, and ensured smooth transactions. Transactions are now even more frequent. People feel more secure transferring money through the banking system," Mr. Lan emphasized.

As a long-time customer of VietinBank, Ms. Pham Hoang Hanh shared that since the bank updated its transaction authentication to biometrics, users feel more secure every time they transfer money, and even when leaving money in their accounts, they don't fear it being stolen by cybercriminals.

According to the State Bank of Vietnam, since the banking sector has actively promoted the collection and verification of biometric data, the number of fraud cases resulting in the loss of customer funds from their accounts has decreased significantly.

Specifically, the number of customers who lost money due to fraud in August decreased by approximately 50% compared to the average number of cases in the first seven months of the year. The number of accounts receiving fraudulent funds in August also decreased by approximately 72% compared to the average of the first seven months of this year.

Customers experience VietinBank's digital banking services - Photo: VTB

100% of customers will have their accounts verified.

To ensure the security of financial transactions, VietinBank announced that it will continue to promote the deployment of solutions using citizen data and data cleaning. The goal is to ensure that 100% of individual customers at VietinBank are verified against biometric information in their chip-embedded citizen ID cards or through the VneID application.

In addition, VietinBank will promote the application of national population data in assessing the creditworthiness of borrowers, contributing to combating illegal lending.

"From now until the end of the year, VietinBank will actively communicate and support customers in account verification. The goal is to clean up all accounts. And by the beginning of 2025, all customers will be able to have their accounts verified and conduct online transactions," Mr. Tran Cong Quynh Lan shared.

With its operating philosophy of "customer-centricity," and alongside the promotion of biometric authentication to prevent fraud and protect customers during online transactions, VietinBank is also strengthening the deployment of modern, high-tech products and services, providing convenience and better, more complete experiences for customers.

By the end of the third quarter, the VietinBank iPay Mobile application for individual customers continued to attract over 8.6 million users, an increase of 17.2% compared to the same period in 2023. The number of transactions reached 1,377 million, an increase of over 75.6% compared to the same period in 2023. The proportion of transactions through the iPay channel reached over 92% of total individual customer transactions.

Source: https://tuoitre.vn/vietinbank-dinh-danh-khach-hang-de-ngan-chan-nan-lua-dao-20241121085052022.htm