Surge in online scams in the digital age
In today’s digital era, while technology offers unparalleled convenience, it also brings significant risks. Cashless payments are now the norm, from street vendors to international transactions, all managed through smartphones. This shift not only streamlines transactions but also enhances the shopping experience, especially for younger customers.
However, this convenience also exposes online users to more sophisticated scams and asset theft.
For example, Hoang N., a 27-year-old from District 10, Ho Chi Minh City, faced a serious issue when his account lost VND40 million ($1,667) after he clicked on a suspicious link, exposing his password and PIN.
Hoang shared, “I contacted the bank for help, but this incident really worried me. If someone like me can be scammed easily, the risk is even higher for older people or those with less experience if security isn’t strong.”
Facial recognition: key defence against fraudulent transactions
To improve online transaction security, many banks now offer facial recognition features using data stored on personal devices. However, this use of biometric data carries risks, as one device may store multiple facial or fingerprint records, potentially leading to unauthorised transactions.
In response to increasing online fraud, MB has introduced solutions to enhance user security.
MB will use proprietary biometric data collected during the electronic Know Your Customer (eKYC) process. This allows users to set transaction limits requiring facial recognition, providing greater flexibility and security in digital banking.
Starting July 1, 2024, the State Bank of Vietnam requires transfers over VND10 million ($416) to be authenticated by facial recognition or fingerprint. MB is at the forefront of implementing this technology to secure transactions.
The MB app ensures secure transactions with a comprehensive suite of advanced features. Beyond facial recognition, MB continually updates its security measures to protect customer accounts. Each financial transaction is secured with digital OTP authentication, and users can manage all card details within the app, reducing the risk of data exposure if a card is lost. Furthermore, MB provides a "Lost Money" protection plan, which offers coverage packages to users holding international debit or credit cards who meet specific spending thresholds.
The app not only facilitates basic banking transactions such as transfers, bill payments, and QR code scanning, but also supports investment activities, opening savings accounts, and financial management. Moreover, MB cardholders enjoy exclusive perks with thousands of special offers available year-round at over 100,000 payment points both domestically and internationally, allowing users to save money and enjoy exclusive banking benefits.
A representative from MB’s technology team emphasised that, amid the increasing incidents of fraud and bank account hacking, the adoption of dual-layer security and biometric verification before fund transfers will significantly enhance user experience.
"Requiring biometric authentication before processing transfers boosts security, prevents unauthorised access, and greatly reduces the risk of fraud, providing users with enhanced peace of mind and trust when using the banking app," the representative stated.
The spokesperson further noted that this security measure adds complexity to the transaction process, as users need to perform an additional authentication step by providing their biometric information when initiating transfers.
