The State Bank of Vietnam has recently introduced Circular No. 50/2024/TT-NHNN on October 31st, 2024, which sets forth new regulations for security and privacy in online banking services. This circular supersedes previous circulars (No. 35/2016/TT-NHNN and 35/2018/TT-NHNN) and aims to strengthen the security and privacy of online banking transactions. Consequently, individuals and businesses should take note of the following when using online banking applications:
- Must have an auto-login prevention function.
- Online Banking application software must have functions to control PIN and secret key.
- For individual businesses or micro-enterprises using the simplified accounting method, the creation and approval of transactions can be combined into a single step.
- Online Banking software is required to have the capability to store online information about customer devices used for transactions, transaction logs, and transaction confirmation logs for a minimum period of 3 months, with backups retained for at least 1 year.
- Offer Online Banking services exclusively through a seamless end-to-end process for corporate clients.
Furthermore, Circular No. 50 prohibits institutions (banks) from sending SMS or email messages to customers that include hyperlinks to external websites, unless specifically requested by the customer. Customers should be cautious and avoid clicking on any links in messages that appear to be from the bank.
Circular No. 50 takes effect from January 1, 2025.
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