29.5 C
Ho Chi Minh City
Wednesday, May 22, 2024

Biometric authentication required for transfers exceeding VND10 million from July

By Nguyen Tan

Must read

HCMC – In the wake of recent massive fund disappearances from bank accounts, the State Bank of Vietnam (SBV) has mandated biometric authentication for online money transfers and e-wallet top-ups exceeding VND10 million, with effect from July 1 this year.

The requirement, outlined in Decision 2345/QD-NHNN, is aimed at curbing fraud and preventing bank accounts from missing money.

According to the decision, transactions under VND10 million require one-time password (OTP) verification, provided that the total value of daily online transactions remains under VND20 million.

However, daily transactions exceeding VND20 million necessitate biometric authentication, which can be facilitated through chip-based identity cards, VNeID accounts, or biometric data stored in banks’ information systems.

When the cumulative daily total surpasses VND20 million, subsequent transactions, no matter how small they are, will require face and fingerprint authentication.

Users initiating their first online payment via mobile banking or conducting transactions on a new device will also need to undergo biometric authentication.

For credit institutions under special surveillance, Decision 2345 will take effect on January 1, 2025, instead of July 1, 2024.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles