Ensuring security and safety in card payment


In addition to risk management and control, close instructions of the State Bank of Vietnam (SBV), compliance, close coordination of related parties such as card issuers, card payment organizations and card merchants, cardholders (customers)’ vigilance is also highly important.

Issuing documents on security and safety in card payment

On the principle of enhancing confidentiality, security and safety of the banking system, card payment as well as protecting customers' interests, the SBV  has issued legal documents related to security and safety in card payment and taken initiative in directing banks to strictly comply with the regulations on security and safety in card payment; implemented measures to enhance  safety and security of technical infrastructure for card payment; reviewed and ensured the implementation and operation of the banking system and card payment in accordance with the current regulations on safety and security of the Internet banking services and the regulations on ensuring the safety and security of the information technology system in banking activities; regularly and promptly provided the customers with warnings, guidelines and information about the criminal’s quackery. In addition, SBV has actively implemented many communication activities, disseminated knowledge, provided information related to card payment as well as announced to the public measures to prevent risks and frauds in card payment to enhance customer vigilance; at the same time, coordinated with the police and Banking Association of Vietnam to exchange information and solve fraudulent cases in card payment…

Banks’ complete compliance  with legal regulations

It is necessary for card issuing banks and card payment banks to strictly comply with the legal provisions related to  safety and security in card payment; to focus on the research in and application of modern technologies for raising convenience and security of the electronic payment system as well as card accepting devices and ATMs in order to ensure safety for customers, such as: (i) to install/purchase secured software from reputable vendors; (ii) to secure 2 factors,namely password and authentication code (OTP) when the cardholders make online payments; (iii) to focus on improving card security through the application of chip technology in card issuance and payment such as issuing standard EMV chip cards, standard EMV chip card accepting devices. Banks must regularly review and supplement ATM security and safety equipments such as surveillance cameras, anti-card skimming devices; to regularly examine ATMs to prevent unauthorized installations to steal  information of cardholders; to promptly notify each other of new types of crime; to actively cooperate, exchange information with the Vietnam Bank Card Association (Risk Management Subcommittee) on ATMs with skimmers  to steal credit card information and on suspects... In addition, banks need to promote more communication activities and warn customers of new methods and ways of payment card fraud, so that cardholders are on the alert and actively take measures to keep information of  their credit cards confidential.

Card merchants  and customers’ compliance with principles of confidentiality

It is necessary for card merchants to fully implement measures, technical procedures and procedures of keeping cardholder information confidential, detect card payment frauds and deceptions following the guidance of the banks they cooperate with; to coordinate with the banks to provide training for staff in using card-accepting devices in payment; to timely detect customers with signs of fraud and forged cards.

For cardholders/customers, in order to minimize the risk of losing money in their bank accounts, cardholders/customers should abide by the principles of confidentiality in accordance with the bank's guidelines to ensure safety when using card services; to actively keep their private information/account information confidential, not disclose to third parties in any form to avoid abuse...

Ensuring safety when making transactions at ATMs

To ensure safety for bank accounts and card payment, banks also focus on the safety of transactions at ATMs. So far, the SBV has issued several guiding documents. At the same time, the regulator has provided information and warnings on several new criminal’s quackery related to  money withdrawals at ATMs and asked credit institutions to take specific measures directly related to the risk of money loss at ATMs such as:

(i) Reviewing the installation of software, installing anti-card skimming devices and surveillance cameras at all ATMs; upgrading the anti-card skimming devices, ensuring effective detection of skimmers at ATMS;

(ii) Regularly examining ATMs (at different timeframes) together with  examinations during supplementing cash to ATMs, periodically maintaining ATMs to timely detect unknown devices attached to ATMs to steal customer information. When detecting unknown devices used to steal customer information attached to ATMs, it is necessary to preserve the scene and immediately report to the managers as well as police offices for coordinated handling;

(iii) Strengthening measures to monitor, detect and timely prevent suspicious transactions on the system;

(iv) Implementing measures to guide customers to safely use payment cards, to detect card skimming devices attached to ATMs and to handle the situation.

For customers/card users, banks need to always recommend customers to follow their guidelines when using their services. Card users should have the hotline numbers to immediately contact the bank during an incident for assistance and timely resolution. During the incident, customers should calmly coordinate with the bank to solve it; especially should be cautious of online criminal’s quackery. For online payment transactions, it is necessary to make transactions using established, reputable service providers. In addition, personal information, account information, passwords should be kept confidential.

New solutions to ensure safety in card payment

In the coming time, the SBV will continue  studying to offer appropriate solutions in order to direct and warn the whole banking system as well as end-users.

To ensure the safety and security of card payment, according to the SBV, this agency has been requiring banks to implement a number of key solutions such as: rapidly shifting from magnetic cards to electronic embedded microchip cards (chip cards); applying new authentication technology solutions in online payment and solutions to reduce risks in card payment; enhancing the capacity of the management, operation and development of risk management and information technology systems; closely and effectively cooperating with related units (police offices, Vietnam Bank Association, other banks...) in exchanging information and dealing with incidents and fraudulent cases as well as in preventing payment card crime. Especially, the banking sector continues to promote communication  and guidance for customers to use card services in a safe and secure manner; timely warns customers and card accepting units of new methods and quackery of criminals to raise their vigilance in crime prevention.

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