Bio-authentication will be required for first Mobile Banking transaction

The Governor of the State Bank of Vietnam (SBV) has just issued Decision No. 2345/QSS-NHNN on implementing safety and security solutions in online payments and bank card payments. Notably, the regulation requires customers to authenticate with biometrics in their first mobile banking transaction.

Specifically, according to the decision, credit institutions, foreign bank branches, and payment intermediary service providers must implement solutions to minimize risks in online payments.

Cases requiring biometric authentication include individual customers making their first transaction using the Mobile Banking application and customers making transactions on a different device from the device that made the last Mobile Banking transaction.

The customer's biometric data must match the biometric data stored in the chip on the citizen identification card issued by the police agency. Or through the authentication of the customer's electronic identification account created by the electronic identification and authentication system.

In addition, with the first login to the internet banking application, the credit institution must notify the customer via SMS or other channels registered by the customer such as email, phone...

Information about the device that performs customers' online transactions and the customer transaction authentication log will be stored for at least 3 months.

The Decision will take effect from July 1, 2024, replacing Decision No. 630/QD-NHNN dated March 31, 2017 of the Governor of the State Bank on promulgating a plan to apply security solutions in online payments and bank card payments.