Vietnamese banks have successfully completed biometric verification for over 13 million customers in just two days, with the aim of enhancing security and streamlining services. The milestone, reported by SGGP, however, comes with emerging concerns about inadequate protection against fraud schemes with unsophisticated spoofs and vulnerability to biometric data theft.
A new rule that came into effect on July 1 requires Vietnam’s banks to perform face biometric authentication of customers making 10 million Vietnamese dong (approximately US$393) at once or VND 20 million ($785) in a day or opening accounts. This initiative aims to reduce the reliance on traditional methods like passwords and PINs, in a bid to minimize the risk of fraud and improve the overall user experience.
However, the surge in biometric adoption has been accompanied by a rise in fraudulent activities. Vietcombank has issued warnings about scammers impersonating bank employees to extract sensitive information from unsuspecting customers under the guise of biometric updates, Việt Nam News reports. These fraudsters typically contact victims via phone or email, claiming that biometric data needs updating or verification, thereby coaxing them into divulging personal details or even transferring funds.
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www.biometricupdate.com
A new rule that came into effect on July 1 requires Vietnam’s banks to perform face biometric authentication of customers making 10 million Vietnamese dong (approximately US$393) at once or VND 20 million ($785) in a day or opening accounts. This initiative aims to reduce the reliance on traditional methods like passwords and PINs, in a bid to minimize the risk of fraud and improve the overall user experience.
However, the surge in biometric adoption has been accompanied by a rise in fraudulent activities. Vietcombank has issued warnings about scammers impersonating bank employees to extract sensitive information from unsuspecting customers under the guise of biometric updates, Việt Nam News reports. These fraudsters typically contact victims via phone or email, claiming that biometric data needs updating or verification, thereby coaxing them into divulging personal details or even transferring funds.
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Vietnam completes biometric verification for 13M amid fraud concerns | Biometric Update
Vietnamese banks have completed biometric verification for over 13M customers in just two days, with the aim of enhancing security and streamlining services.
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