Banks need to invest more in security technology.

Banks need to invest more in technology and operational teams, and modernize their systems to ensure transaction security.

Recently, several banks have experienced incidents of risk and fraud in payment operations, including card and electronic payments. The sudden loss of hundreds of millions to tens of billions of dong from bank accounts has caused anxiety among many users of card and electronic payment services.

Specifically, there was the case of a customer who opened an account at the Vietnam Foreign Trade Commercial Bank (Vietcombank) and lost 500 million VND from their card account overnight; at the Vietnam International Commercial Bank (VIB), a customer was also targeted by fraudsters who carried out three purchase transactions totaling over 1,500 USD.

To conduct banking transactions securely, customers need to comply with regulations regarding information security.

For example, recently, Ms. Tran Thi Thanh Xuan, Director of Quang Huan Company in Ho Chi Minh City, complained about losing 26 billion VND from her account at Vietnam Prosperity Commercial Bank (VPBank)... These cases show that the security of customer information at banks needs to be further strengthened.

As someone who has long used ATM cards and frequently makes online payments, Ms. Hoang Thu Hang from Cau Giay, Hanoi, expressed that online payments are very convenient because she can choose goods and pay immediately without having to travel, or transfer money to people in distant places without having to go to bank branches. “Recently, there have been numerous cases of customers losing money from their bank accounts, causing many account holders to worry. We hope that banks will take measures to secure information and prevent the loss of money from customers' accounts,” Ms. Hang suggested.

According to cybersecurity experts, banks have now invested in fairly modern security systems. However, security still heavily depends on the IT engineers operating the systems, with the requirement that no errors occur. Therefore, in addition to building a robust security system, the human factor must also be considered.

Mr. Dao Gia Hanh, Director of Technology at FPT Information Systems, believes that banks need to increase investment in their IT teams, grasp and update modern security methods, and ensure high security for customers. Users of banking services need to comply with the bank's regulations.

"To avoid risks when transacting online banking services, users must protect themselves first. Computers and phones should have antivirus software reinstalled. When receiving emails from unknown sources or suspicious links, do not click on those links. In case of any suspicion, call the customer service center of the service provider to clarify, thus minimizing unfortunate risks," Mr. Hanh advised.

Developing cashless payments and boosting e-commerce are inevitable trends as Vietnam integrates more deeply into the international economy. In reality, the number of people using electronic payment services is growing rapidly. However, alongside the conveniences, the risk of malicious actors exploiting the internet to attack and profit from electronic payments is also increasing.

According to Mr. Bui Quang Tien, Director of the Payment Department of the State Bank of Vietnam, in order to minimize risks and ensure security and confidentiality in electronic payment operations, banks must regularly monitor, supervise, evaluate, and further improve their operational processes; and upgrade their information technology systems.

“The security and safety systems, as well as the protection of customers' rights, of commercial banks must ensure superior technology, and comprehensive security measures must be prioritized during implementation. The State Bank of Vietnam requests that units, especially banks providing intermediary payment services and payment services to customers, strictly adhere to their procedures and responsibilities, and guide customers to perform the correct operations to avoid exploitation by hackers,” Mr. Tien clearly stated.

This September, the State Bank of Vietnam is expected to hold a nationwide conference on payment and information technology activities, with representatives from the Ministry of Public Security, the Ministry of Information and Communications, the Vietnam Banking Association, commercial banks, etc., to discuss solutions to strengthen state management of payment and information technology activities in the banking sector.

Based on practical experience and lessons learned, and by refining operational procedures in the payment sector, along with security solutions in the new context, it is hoped that the banking industry will ensure the safety and efficiency of bank payment operations, as well as protect the rights of both citizens and banks in the future.

According to VOV