The number of fraud cases, money loss scams and accounts receiving fraudulent money at credit institutions have decreased significantly after the regulations on biometric authentication in online banking transactions were officially applied.

Specifically, through data reported by credit institutions, the number of cases of customers being scammed and losing money last month decreased by about 50 per cent compared to the average number of cases in the first seven months of this year.

The number of accounts receiving fraudulent money also fell by about 72 per cent compared to the first seven months' average.

Notably, in some areas, there were no fraud cases last month and early this month.

To crease safety and security in online payments, the central bank's decision, effective from July 1, mandates electronic money transfers exceeding VNĐ10 million (US$414) or a total daily value over VNĐ20 million must use biometric authentication.

Despite little change in the average number of daily transactions since July 1, the sharp drop in fraud cases demonstrates the positive impact of the new regulation.

To continue to enhance the effectiveness of this measure, Phạm Anh Tuấn, director of the Payment Department under the State Bank of Việt Nam (SBV), called on payment service providers and payment intermediaries to step up the collection of biometric data and compare it with data from chip-embedded citizen identification cards. — VNS