Banks focus on implementing solutions to improve security in payment


At the regular government’s press conference of April 2018 in the afternoon of May 3, Deputy Governor of the State Bank Nguyen Thi Hong responded to the press regarding the security and safety in card payment.

Deputy Governor of the SBV Nguyen Thi Hong

According to the Deputy Governor of the State Bank of Vietn  am (SBV) Nguyen Thi Hong, in the management and direction of the SBV, one of the key issues that credit institutions as well as functional units of the SBV should pay attention to is to improve security in payment.

Accordingly, the SBV has issued regulatory documents related to the issuance of cards, or procedures to deal with problems such as loss of cards or disclosed information, etc. at the request of the card holder. In the annual management direction, the governor of the SBV always puts emphasis on strengthening the security and safety in e-payment in general and in card payment in particular, as well as regularly instructs to warn credit institutions to concern about ensuring safety. In cases when problem occurs, the SBV always directs credit institutions to take initiative in coordinating with customers as well as concerned units in order to settle it quickly and ensure the legal interests of customers.

"For Vietnam or any other country, making payment by card is risky. According to the statistics of the international card issuers Visa and Master card, the risk ratio of card payment in Vietnam is about 1/3 of that compared to the average of countries in the region and in the world. This data was reported as of September 2016 "- said the Deputy Governor.

According to the Deputy Governor, in management direction of the SBV, that credit institutions as well as SBV's functional units should pay attention to the implementation of solutions to improve security in payment is one of the key issues.

Over the years, the SBV has issued a number of legal documents related to the safety and security of information technology systems in banking activities, protecting the legal interests of customers as well as of banks in issuance, payment and use of cards (Circular No.19/2016/TT-NHNN, Circular No.30/2016/TT-NHNN, Circular No.35/2016/TT-NHNN), etc. At the same time, the SBV has actively supervised and followed large fraud cases which affected the security and safety of the card payment system. As soon as fraud cases are detected, the SBV requires relevant banks to check, clarify and have appropriate measures and feedback to customers the  processing results soon so that customers are assured of using banking services. In addition, the SBV also conducts on-the-spot checks to clarify the cause of the case, the responsibilities of the involved parties, and to detect limitations and shortcomings in ensuring the safety of the banks' payment operations, making recommendations to strengthen the security and safety for payment operations.

The SBV has provided information and warning on some new criminal tricks and tactics related to withdrawing money at ATMs and asked credit institutions to take specific measures that directly relate to the risk of losing money via ATM such as: (i) Review the installation of software, installation of anti-piracy and anti-stealing card information devices, and the provision of surveillance cameras for the entire ATM system. The SBV has also upgraded anti-counterfeiting and anti-stealing credit card information devices, ensuring effective control of the installation of criminals’ data duplication devices at ATMs; (ii) Regularly check ATMs (at different timescales) and combine with checking during money adding sessions and periodic ATM maintenance to timely detect unknown equipment used to steal customers’ information that was attached to the ATMs. When detecting that strange equipment to steal customers’ information is attached to the ATM, status should be kept intact and reported immediately to the managers as well as the police to coordinate in processing; (iii) To intensify measures to monitor, detect and promptly suspend suspicious transactions on the system;(iv) Implement measures for guiding customers to use card safely, ways to identify devices that duplicate and steal card information which was attached to the ATM, and measures to deal with such cases. For customers / card users, the SBV always recommends that customers in the process of using the service should comply with the bank's instructions and save the hotline number so that when the problem occurs they can immediately contact the banks for timely assistance.When problem occurs, customers should calmly coordinate with banks to find solutions, especially customers should raise their own vigilance to the tricks of online criminals for online payment transactions, so it is necessary for them to implement the transactions with reputable service providers in the market. In addition, personal information, account information, passwords, etc. should be kept confidential to avoid being manipulated by other people.

In the coming time, the SBV will keep on-going study to provide appropriate solutions for each cause to direct and warn the whole system as well as customers using the service.

Department of Research and International Cooperation