Add a security 'shield' when banking online

In order to strengthen safety measures for people when conducting online banking transactions, the State Bank issued Decision No. 2345/QD-NHNN (effective from July 1, 2024). Accordingly, from July 1, 2024, biometric authentication by face is required when conducting online banking transactions from VND 10 million or total transaction value in a day exceeding VND 20 million, along with a number of other transactions such as: first login on the application, login on a different device, re-login after forgetting the password and successfully changing the password.

According to Clause 3, Article 3 of the 2023 Law on Identification, biometrics includes physical attributes and individual biological characteristics of a person to identify and distinguish them from others, including facial images, fingerprints, irises, DNA and voice.

Security experts say biometrics is a positive step forward in reducing risks and protecting users from fraud and scams.

BIDV promotes propaganda about new security requirements

Implementing the policy of the Government and the State Bank, BIDV has proactively deployed a biometric collection solution from the first quarter of 2024. This process is carried out in stages, combined with communication of knowledge about security and safety to help customers get acquainted with the new security method.

Specifically, for transactions requiring biometric authentication, in addition to the authentication method using Smart/SMS OTP code, BIDV customers must compare the actual facial image of the person performing the transaction to ensure it matches the data stored in the chip of the chip-embedded citizen identification card (CCCD). Adding this additional layer of biometric security will help minimize fraudulent impersonation, device access control, or information theft to appropriate assets.

BIDV representative commented that biometrics is a new technology for most customers and biometrics installation in banking transactions can only be done using a chip-embedded citizen identification card via a mobile phone with NFC (Near-Field Communication) feature. However, this is also a barrier for some customers because not all mobile devices support NFC technology and there are also customers who have not yet switched to a chip-embedded citizen identification card.

Therefore, BIDV has proactively developed a plan to support installation using specialized software, directly at BIDV branches/transaction offices nationwide for cases where customer devices do not support NFC; customers do not have a chip-embedded ID card (only have a valid ID card or non-chip-embedded ID card) and individual customers who are foreigners.

“The application of biometric transaction authentication according to Decision 2345/QD-NHNN is considered the most timely and appropriate measure today, helping people raise awareness and skills to protect their assets. However, in the context of increasingly sophisticated fraud methods, many customers are still subjective and not aware of protecting personal data. The situation of buying/selling/renting/borrowing accounts, accessing links of unknown origin, downloading fake applications, listening to advice from bad guys... leading to the disclosure of personal information, e-banking passwords, OTP codes... are the main reasons why many people have their money stolen from their accounts,” BIDV representative added.

To limit risks for customers when transacting online, in addition to applying biometric authentication methods, BIDV regularly updates knowledge about security and new fraud methods. Users can follow and learn on BIDV's official communication channels (Website, Fanpage, Zalo), especially on BIDV SmartBanking channel, to be alert to fraud methods, avoiding unfortunate situations.

Bean Linh