Brian Jeffrey
A new regulation outlined in Circular 17/2024/TT-NHNN issued on June 28, 2024, focuses on managing and utilizing payment accounts within payment service providers, taking effect from July 1, 2024.
Article 22 of the circular mandates that both domestic banks and foreign bank branches in Vietnam must provide information about customer payment accounts as per guidelines from the State Bank of Vietnam regarding state management functions. Monthly reports are due by the 10th of each month and must be electronically submitted following the State Bank’s technical connectivity requirements.
Banks are required to update a list of suspected fraudulent personal accounts with various details such as the customer’s unique identification number (CIF), identification document number, full name, gender, nationality, account number, account opening date, registered phone number for electronic banking services, reason for suspicion, account status, and the unique device identifier (MAC address) used.
This initiative is designed to prevent scams through bank accounts and enhance the transparency of banking operations in Vietnam by cleaning up customer data.
The Military Commercial Joint Stock Bank (MB) has taken a proactive approach by implementing features that notify users when transferring money to phone numbers on a ‘blacklist.’
Deputy Chairman of MB’s Board of Directors, Vu Thanh Trung, shared that the bank has alerted 2,700 customers about potential fraudulent transactions as of July 2024, leading to 1,500 of them halting their transactions immediately.
Trung emphasized the importance of this feature in today’s rapidly evolving IT environment, where fraud techniques are becoming more advanced. It empowers customers to proactively prevent suspicious transactions, safeguarding their accounts and financial assets.
The fraud detection and alert system is a collaborative effort between MB and the Department of Cybersecurity and High-Tech Crime Prevention (A05) under the Ministry of Public Security. They maintain an updated national list of accounts associated with fraudulent activities.
This initiative is part of a broader government project, Project 06, which focuses on developing applications for population data, identification, and electronic authentication to support Vietnam’s digital transformation from 2022 to 2025, with a vision extending to 2030.
