by Ayang Macdonald, Activist Post:
Activist Post Editor’s Note: As you’ll read, the “authentication for some” will become “authentication for all.” The increasing requirements to use biometrics for nearly everything is going to create a complete loss of privacy and likely a new level of threat for identity theft and other forms of cybercrime, despite claiming to thwart those invasions. Remember, the current systems were put in place to supposedly counter the threats of the old systems. The same rationale is always used to seize more control.
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The State Bank of Vietnam (SBV) plans to introduce biometric authentication for major online money transfer operations as a way of putting the rising wave of online financial fraud in the country in check.
According to Vietnam Plus, the deputy head of the SBV’s payment department, Le Anh Dung, said during a recent seminar that as part of the plan, authentication using fingerprint, iris or face biometrics would soon be needed for all online money transfers possibly exceeding 10 million Vietnamese dong (US$411).
The seminar was dedicated to discussing ways of better protecting bank accounts from increasing online fraud.
Dung also disclosed a further plan to amend some provisions of Decision 630 of the SBV, which gives credit institutions the greenlight to deploy new authentication technologies for internet and mobile banking.
The seminar mentions that despite the high rate of online financial fraud in Vietnam, over 90 percent of financial transactions do not surpass the 10 million Dong threshold, meaning this amount could be a reference for authorities in setting the transfer limit requiring biometric verification.
During a seminar in August, the issue of fraud in the internet and mobile banking sector also came under serious scrutiny, with the SBV’s director of payments, Pham Anh Tuan, saying that they were already thinking of a minimum transfer amount for which the owner of the funds must be identified biometrically. Tuan added that they were also in talks for collaboration with MasterCard and Visa whose payment cards are also used by Vietnamese people for their online financial transactions.
