Face authentication prevents losing huge amounts of money

From July 1, it will no longer be the case that people fall asleep and have hundreds of millions of dong stolen from their accounts. There will never be a situation where the phone will heat up and the money will automatically "evaporate".

Illustration using AI technology - Made by: TUAN ANH

That is the assertion of Mr. Pham Anh Tuan - Director of the Payment Department of the State Bank (SBV) - when talking to Tuoi Tre before the official face authentication regulation took effect.

Commit to completing authentication before G

According to Mr. Pham Anh Tuan, the reason this can be confirmed is because transfers over 10 million VND must be authenticated by the account owner's face. "When the total transaction is over 20 million VND/day, the person transferring money, even 1 VND, must show their face for authentication. If it is the owner who is transferring money, the transaction will be successful" - Mr. Tuan affirmed. .

With just over half a month left, the regulation requiring facial authentication for transactions over 10 million VND/time will officially take effect, according to the provisions of Decision 2345 of the State Bank. Banks are sprinting to deploy to customers, ensuring completion before hour G.

A representative of Asia Commercial Bank (ACB) said that from June 10, it has deployed face authentication registration for customers to enhance account security and protect high-value online transactions, while complying with the law. comply with Decision 2345 of the State Bank.

Specifically, the bank will deploy facial authentication registration for customers on the ACB ONE digital banking application, new version 3.26.0. Customers need to have a smartphone that supports NFC reading and a valid identification card with the owner's chip. This is to ensure that facial data registered with ACB matches biometric data that has been verified and stored at the Ministry of Public Security.

"Face authentication is a modern security technology, ensuring that the account owner is making online transactions. Thereby minimizing the risk of fraud and providing better protection for high-value transactions," this person said.

According to Decision No. 2345, from July 1, customers will have to add a face authentication step when logging in for the first time to a digital banking application on a new device and when making valuable online transactions on the device. 10 million VND/time or total cumulative transaction value of over 20 million VND per day.

According to a leader of Vietcombank, this solution is even more important in the context of the number and value of financial transactions on digital channels continuously increasing.

"Customers are moving faster and faster on digital channels. Along with that, high-tech fraud criminals are also increasing with increasingly sophisticated tactics and tactics," this person said.

Also according to this person, Vietcombank has directed drastically and focused the best resources to deploy technical connection with national data on population and many necessary items. The goal is to complete the application of the national data mining solution on national and population data before July 1 according to regulations.

"With a carefully prepared plan and available technology platform, up to now Vietcombank has basically completed the conditions to implement the connection stages, ensuring to meet the deadline required by the State Bank of Vietnam," this person said. said.

Customers go through the facial recognition step when opening a card at the bank - Photo: TPBank

Invest heavily to clean customer data

Meanwhile, according to TPBank representative, since the beginning of April, this bank has updated customers' faces in all of the bank's transaction channels. At traditional transaction points including branches/transaction offices, this bank has updated customers' faces through specialized chip readers and face matching authentication solutions.

At TPBank LiveBank 24/7, operating 24/7, there are nearly 500 transaction points with a chip reading rate of nearly 100%. This is also a channel that brings outstanding advantages to TPBank. "When customers cannot do it themselves online or do not go to a bank branch during business hours, they can go to LiveBank 24/7 at any time of the day and have a teller guide them remotely," said the position. This said.

Or on Mobile App, with 8 million customers, TPBank also coordinates with many suppliers (certified by the Ministry of Public Security) in chip reading and face matching solutions...

"On average every day, about 10,000 face samples and citizen identification cards are updated into TPBank's data warehouse from all channels. Therefore, we are confident in completing the face collection before January 1. 7" - this person confirmed.

Mr. Luu Danh Duc - deputy general director of SHB - said that SHB invested heavily in technology infrastructure costs such as servers and connection lines; third party software licenses... for customer data authentication.

"SHB has completed deploying the module to collect biometrics and authenticate chip-attached citizen identification data with C06 (Ministry of Public Security). In two weeks, we will officially turn on the face authentication feature, complying with regulations. in accordance with decision 2345 of the State Bank" - Mr. Duc said.

Meanwhile, according to a BIDV representative, since May this bank has launched the "Biometric Settings" feature and deployed the biometric transaction authentication method on BIDV SmartBanking. Therefore, BIDV customers need to complete biometric settings as soon as possible and before July 1, to avoid interruptions in transactions.

In order to meet the requirements of decision 2345, Agribank is also implementing technical solutions such as collecting biometric data and data integrated into chip-embedded citizen identification cards for customers.

At the same time, the bank also built a cleaned biometric database, reviewed existing customer data, updated and cleaned customer data to prevent fraud risks...

Source: State Bank - Graphics: TUAN ANH

Expectations to eliminate "huge" money loss cases

Recently, many large money loss cases, up to tens of billions, even hundreds of billions of dong, caused a stir in public opinion and affected customer psychology. With the requirement for facial biometric authentication from 1-7, experts believe that it will be difficult for criminals to "crack" accounts to get "huge" amounts of money like before.

Mr. Nguyen Tran Nam, director of ACB digital banking, said that in the context of online fraud aimed at stealing information and appropriating money in accounts becoming increasingly sophisticated, customers only need to take the additional step of verifying the password. On the other hand, you can safely trade without limits.

"High-value online transactions at ACB will receive maximum security through many layers, including password, face authentication and authentication with ACB Safekey OTP while still maintaining convenience," Mr. Nam emphasized. strong.

BIDV representative also said that with facial authentication, transactions are safer and more secure because the bank uses the customer's biometric data that has been authenticated with the Ministry of Public Security to transact, encrypt and Protect customer information against cybercrime risks.

According to Vietcombank, connecting to the national population database and customer authentication will help this bank in particular and commercial banks in general build a clean database, ensuring data is not corrupted. not only accurate but also always updated, ensuring the "liveness" of the data.

This will improve the safety and security of customer transactions on digital channels, minimizing the risk of fraud and scams causing damage to customers. According to TPBank representative, in the past, authentication factors usually only stopped at traditional authentication methods such as OTP, SmartOTP or signature/card pin...

Therefore, crooks can still take advantage of loopholes (phishing to get OTP numbers or fake identities/signatures) to scam people out of money. Even authentication using FaceID only depends on facial pattern matching algorithms on personal phone devices without ensuring that the customer who registers the account is the one making the transaction.

Patient scans hospital bill payment code at Hoc Mon Regional General Hospital - Photo: PHUONG QUANYEN