Strengthening measures to prevent online frauds

HaI anH

The State Bank of Vietnam (SBV) has just issued official dispatch No 7611/NHNN-TT to payment service providers on strengthening measures to ensure security and safety of payment activities.

According to SBV, through monitoring and supervising payment activities, the central bank has noticed that high-tech crimes have recently emerged, in which fake SMS messages (SMS branding name) are sent to trick customers into accessing and transacting at fake bank websites set up by scammers.

The purpose and tricks of the scammers are that after stealing login information (username, password) and one-time password (OTP), they will use this secret information in combination with changing methods, OTP-receiving devices to perform fake transactions, appropriating money in the customers’ accounts.

To prevent and reduce the risk of fraud in the provision and use of payment services, the State Bank requests payment service providers proactively take measures to ensure security and safety for payment activities, particularly:

Firstly, for customer information verification when performing transactions, units should develop a roadmap and implementation plan in accordance with their capacity conditions, and customer verification and identification measures; ensuring that customer information is appropriate and matches the information recorded in the current account documents.

For those that open a current account via electronic Know Your Customer (eKYC), they must comply with regulations on opening a current account.

Secondly, for the re-verification of customer identification information in case of change of transaction equipment, units should deploy technical and technological measures to verify the customer's identity via eKYC soonest, ensuring that the customer is the very owner of the current account.

Thirdly, the units continue to strictly follow the instructions and directions of the State Bank on strengthening measures to ensure security and safety in the provision of payment service according to Official Dispatch No. 4347/NHNN -TT dated 17 June 2021 and solutions to protect customers using online banking services as in Official Dispatch 376/NHNN-TT dated 25 March 2021.

BIDV has regularly warned of tricks used by scammers to steal personal information and transaction information to withdraw money. The scammers can impersonate the authorities, bank staff and e-wallet employees to call and ask customers to provide personal or transaction information to appropriate customers' information and money.