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Face authentication required for online transfers exceeding $392 from July: cbank

Face authentication required for online transfers exceeding $392 from July: cbank

Thursday, May 30, 2024, 20:36 GMT+7
Face authentication required for online transfers exceeding $392 from July: cbank
A transfer is made between a buyer and a shop in Vietnam. Photo: Quang Dinh / Tuoi Tre

Face authentication will be required for online bank transfers in excess of VND10 million (US$392) from July 1 this year, according to a decision made by the State Bank of Vietnam (SBV).  

The requirement, specified in Decision 2345/QD-NHNN, will take effect from July 1, 2024 and is aimed at strengthening security amidst an increase in online fraud.

A statement regarding the new regulation was made on Tuesday at ‘Cashless Day 2024,' hosted by Tuoi Tre (Youth) newspaper in conjunction with the Payment Department under the SBV, with the aim of promoting the development of safe cashless payments.

According to the decision, transfers under VND10 million will require one-time password (OTP) verification, provided that the total value of online transfers made from that account within that day remains under VND20 million ($784).

Once that value exceeds VND20 million, any subsequent transfer, no matter the size, will be subject to face authentication.

Face authentication is carried out by software which compares the facial characteristics of an individual against data stored in chip-based citizen identity cards, VNeID accounts, or biometric data stored in banks’ information systems, according to Thoi Bao Kinh Te Sai Gon (Saigon Times Online). 

Face authentication will also be required for users making their inaugural online payment through mobile banking services or conducting transfer transactions on a new device.

According to Le Anh Dung, deputy head of the SBV’s Payment Department, 70 percent of online transfers currently made in Vietnam are under VND10 million.

The bank also set the daily cap of VND20 million before facial recognition is needed in order to ensure that fraudsters are not able to rack up dozens of charges. 

Decision 2345 replaces Decision 630 issued by the SBV in 2017 regarding security measures to online payment and card payment.

For specially controlled credit institutions, the new decision will be applied from January 1, 2025, the SBV noted.

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Vinh Tho / Tuoi Tre News


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