From July 1st, money transfers must have facial authentication

According to Decision No. 2345/QD-NHNN dated December 18, 2023 of the GovernorState BankRegarding the implementation of safety and security solutions in online payments and bank card payments, from July 1, all money transfer transactions worth VND10 million or more must go through a biometric authentication step for the sender.

Customers who make transactions exceeding the threshold prescribed by the State Bank or make the first transaction when installing or reinstalling the mobile application on a new device will need to add a biometric authentication step using their face.

Specifically, money transfer transactions of over 10 million VND/transaction or under 10 million VND/transaction but the total amount of transactions in the day is from 20 million VND or more, the next transfer in that day must add a facial authentication method.

Transactionstransfer moneyunder 10 million VND/time or total transaction value not exceeding 20 million VND/day, authenticate with Smart/SMS OTP code as usual, no need for facial authentication.

In addition, according to Article 2 of Decision 2345/QD-NHNN, individual customers must also be biometrically identified before making their first transaction using a banking application (mobile banking) or before making a transaction on a device other than the device they last made the transaction on.

This regulation aims to ensure user safety against increasingly complex fraud, and at the same time prevent cases of lending or renting accounts.

Decision 2345 was issued by the State Bank in December 2023 and will not be implemented until July 2024. This is to give banks more time to prepare facilities and be ready to meet new regulations in transactions, in order to ensure the rights and safety of users.

Biometric authentication helps transactions become safer and more secure by using customers' own biometric data that has been authenticated with the Ministry of Public Security to transact, encrypt and protect customer information against cybercrime risks.

Therefore, people need to install biometrics and authentication before July 1 for safe and uninterrupted transactions.

Steps to set up biometrics and authenticate transactions

Up to now, banks have had specific instructions for customers in registering for biometric authentication.

To install biometrics, people need to prepare a chip-embedded CCCD card and access the "Biometrics Setup" feature on the latest version of the bank's application to install according to the instructions.

Step 1: Select the “Biometric Settings” feature on the bank's mobile application (app).

Step 2: Select the functions and enter the minimum limit that needs to be authenticated by biometrics. In fact, customers can choose a certain limit for themselves under 10 million VND if they want to ensure more security for their account.

Step 3: Take a photo of both sides of the chip-embedded CCCD.

Step 4: Read the information on the CCCD according to the instructions.

Step 5: Take a photo of your face to complete the setup.

In addition, people can also go directly to the transaction points of the bank where they opened their account for installation instructions.

After installing biometrics, from July 1, if the transaction is subject to authentication according to regulations, people will have to perform 3 steps of biometric authentication transactions on the bank's mobile application (app).

Step 1:Enter transaction information as usual (amount, recipient information, receiving bank...)

Step 2:Applicable to transactions exceeding the threshold prescribed by the State Bank, the application will turn on the phone camera to authenticate the customer's facial image.

Step 3:Enter Smart/SMS OTP code to complete the transaction.

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According to Clause 3, Article 3 of the 2023 Law on Identification, biometrics are physical attributes, unique and stable biological characteristics of a person to identify and distinguish one person from another such as face, fingerprints, iris, etc.
Therefore, biometric data is the unique identification feature of an individual, no two people are the same, including twins. Currently, citizens' biometric information has been collected by the Ministry of Public Security and stored in each citizen's chip-embedded CCCD card.