Notes on banking transactions from 1-7

(NLDO) – Business and household accounts that have not been biometrically authenticated will not be able to transfer money or conduct online transactions without biometric authentication.

From today (July 1), businesses that have not completed updating their biometric information will have their online banking services interrupted.

This regulation is implemented to comply with Circular 17/2024/TT-NHNN of the State Bank on opening and using payment accounts at payment service providers.

According to an announcement from VietinBank , business households using VietinBank iPay digital banking service need to quickly update biometric information. This applies to cases where biometrics have never been registered before, customers have registered but the householder's identity documents have expired or there is a need to update a new biometric image.

BIDV also said that starting from July 1, business households that have not completed updating the biometric information of their legal representatives or authorized representatives will have important transactions suspended, including cash withdrawals, electronic payments on payment accounts as well as online card payment transactions.

Business households and corporate customers must update information and authenticate biometrics of legal representatives to continue using payment accounts.

Business households and corporate customers can update their biometrics online via the digital banking application using a chip-embedded citizen identification card, VNeID account or directly at transaction points nationwide. This authentication is to comply with the provisions of Article 17 of Circular 17/2024/TT-NHNN, and at the same time helps the banking system prevent acts of impersonation, leasing or borrowing accounts to conduct fraudulent activities.

Also from July 1, magnetic stripe ATM cards issued by banks will no longer be used to withdraw or deposit money at ATMs/CDMs, make payments at card accepting units, or make transactions at ATMs/CDMs of other banks.

Agribank said it has officially stopped magnetic strip card transactions on domestic cards issued by this bank, and does not accept magnetic strip transactions on domestic cards issued by other banks.

All domestic debit cards that have not been converted to chip cards will be closed and transactions will be terminated.

Previously, many banks simultaneously announced the "death" of magnetic cards and the conversion to chip cards according to the standards of the State Bank to enhance security and prevent fraudulent transactions and card counterfeiting.

Many banks have announced the "death" of magnetic cards and the switch to chip cards to comply with State Bank regulations and prevent fraudulent transactions and card counterfeiting.

The State Bank recommends that business households, enterprises and institutional customers should promptly complete the verification of identity document information and biometric authentication to continue using payment accounts, conduct electronic transactions and connect bilateral payments with the State Treasury and Social Insurance.

After July 1, any customer who has not completed the update will have their service temporarily suspended until the necessary procedures are completed, to ensure compliance with legal regulations as well as protect the safety of transactions for customers.

Source: https://nld.com.vn/nhung-luu-y-khi-giao-dich-ngan-hang-tu-1-7-196250701102133159.htm