State Bank of Vietnam (SBV) requires banks to strengthen confidentiality of customer information

13:30-08/01/2019

On November 9, 2018, the State Bank of Vietnam (SBV) issued Circular No. 8511 / NHNN-TT on strengthening the confidentiality of customer information following customers’ credit card transaction information leaks in Mobile World group. 

On November 7 and 8, the media reported  credit card information leaks in some chain stores of Mobile World group. To proactively prevent and stop the leakage and disclosure of customers’s credit card information, the SBV required payment service and intermediary payment service providers (referred to as units) to implement the following:

Relevant units review and shall cooperate with Mobile World group to identify the causes; at the same time, closely supervise and monitor credit cards and credit card transactions related to the case in order to promptly detect unusual signs and take appropriate corrective measures to keep information confidential and protect the legitimate interests of the customers.

Payment service and intermediary payment service providers shall seriously and strictly:

Firstly, comply with the legal provisions on storing and keeping customers’ information confidential;

Secondly, review and re-evaluate  operating procedures for card merchants and related organizations to ensure the safety and confidentiality of customers’ information in the process of services provision; closely examine and supervise the procedures to ensure that they are implemented properly and in compliance with the current laws;

Thirdly, disseminate, understand throughly and implement the legal provisions  and the internal regulations on the storage, confidentiality of customers’ information to all divisions of the organization and professional staff;

Fourthly, well  communicate  with  card merchants and customers to promote their awareness of  and compliance with regulations, processes on confidentiality of customer information and  make transactions in accordance with regulations.

Quick reports from related banks, up to now, have not recorded any cases of customers’ credit card information leaks, as well as any exploitation or expropriation of money in customer accounts. However, the incident has had a negative impact on the public confidence and made end-users anxious. The SBV is working closely with competent agencies to identify the causes of the incident and to identify the suspects, the motive for stealing, spreading the information for strict punishment according to the legal regulations./.

PV
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