HCMC – Over 63.6 million customers in Vietnam have completed biometric verification for their bank accounts ahead of a January 1, 2025 deadline mandating biometric authentication for all online banking users.
Starting tomorrow, customers who have not completed biometric verification or provided valid identification documents will be restricted to in-person banking transactions.
This policy, detailed in Circulars 17 and 18/2024/TT-NHNN, aims to enhance online banking security and protect customers from fraud.
To meet the deadline, the State Bank of Vietnam has intensified efforts, including weekend operations, to ensure all online banking users are verified.
Biometric verification is primarily conducted via banking apps, using chip-based ID cards and VNeID, the national electronic identification application developed by the Ministry of Public Security, according to the Vietnam News Agency.
Nguyen Quoc Hung, vice chairman and general secretary of the Vietnam Banks Association (VNBA), said this initiative aligns with the Law on Identification, strengthening personal data security, mitigating fraud risks, and safeguarding citizens’ rights.
Hung emphasized the growth in cashless transactions in 2024, which reached 26.2 million transactions daily, totaling over VND166,000 billion. QR payments surged by 200%, but the increased use of cashless methods also heightened cybersecurity threats.
As of December 20, more than 84.5 million customers have registered for online banking services. The VNBA is aiming for 100% of accounts to be biometrically verified and linked to the national population database.
