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Banks in Vietnam required to refund money stolen from ATM cards within 5 days

Banks in Vietnam required to refund money stolen from ATM cards within 5 days

Tuesday, December 06, 2016, 20:19 GMT+7

A new circular issued by the State Bank of Vietnam now requires banks to refund money stolen from ATM cards within five days of a decision that the cardholder is not at fault.

The circular was issued last month as a modification and addition to previous circulars on the provision of payment services and intermediary payment services in Vietnam.

According to the new circular, card issuers are responsible for processing complaints and investigation requests made by cardholders concerning card fraud.

The time allowed for investigation is to be agreed upon in a written contract between the card issuer and the cardholder prior to issuance, with the period allowed for local banks not exceeding 45 working days.

The card issuer is to determine whether the cardholder is at fault, or whether any force majeure is at play in the loss of funds via their bank cards.

Should the cardholder be found not to be at fault, the issuer is to make a full refund within five working days.

In the case that the card issuer fails to come up with a conclusion within the allowed period for investigation, it must, within the next 15 working days, either seek a temporary deal with the cardholder or reimburse the cardholder fully until further information is made available by the relevant authorities.

The circular takes effect on Monday, November 28.

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