VNBA and Visa International discuss on fraud risks in payment

Attending the meeting on behalf of VNBA were Mr. Nguyen Quoc Hung, Vice President and General Secretary of VNBA; Ms. Nguyen Thi Xuan, Head of Legal Affairs Department, Banking Association; Ms. Phan Thi Thanh Nhan, Head of Policy Subcommittee, Bank Card Association; Mr. Nguyen Ngoc Quy, Head of Risk Management Subcommittee, Bank Card Association.

On behalf of Visa International Card Organization, there were Ms. Dang Tuyet Dung, Director of Visa Vietnam and Laos; Mr. Rahim Abdul, Senior Director of Risk Management, Visa Southeast Asia; Mr. Kelvin Utomo, Director of Products and Solutions, Visa Vietnam and Laos; Ms. Nguyen Thi Ba Linh, Director of Risk Management, Visa Vietnam and Laos; Mr. Nguyen Huu Giap, Head of Government Relations, Visa Vietnam and Laos; Mr. Robin Chung, Senior Director of Digital Solutions.

At the meeting, Ms. Dang Tuyet Dung, Director of Visa Vietnam and Laos, shared more solutions that Visa and its Vietnamese banking partners are coordinating to deploy, helping the Vietnamese market expand and improve the quality of payment infrastructure, increase customer experience, minimize the risk of financial loss, and avoid affecting business reputation. Visa also hopes to accompany and receive more support from the State Bank of Vietnam and VNBA to coordinate and communicate strongly. At the meeting, Ms. Nguyen Thi Ba Linh, Risk Management Director (Visa Vietnam and Laos) updated specific data on the fraud situation in the Vietnamese market, the risk rate in payment, forms of domestic and international fraud, fluctuations in fraud rates, the speed of change in the fraud risks in payment in Vietnam... In addition, Ms. Linh also pointed out the types of crimes in payment risks such as: Fraud crimes via text messages, taking advantage of loopholes through standard payment transactions, fraud via malware...

According to Visa's assessment, the fraud situation in Vietnam compared to the Asian region, the fraud rate has decreased, but the value of fraud has increased. From the analysis, Visa representatives also presented the main risks in payment activities in Vietnam in particular and in Southeast Asia in general for both card usage and card acceptance activities.

After listening to the sharing from Visa, Dr. Nguyen Quoc Hung, Vice President and General Secretary of VNBA, highly appreciated the research and detailed data that Visa has pointed out and the new payment method to meet customer needs and experiences. At the same time, he welcomed the Visa QR Connector program that Visa is implementing.

The issue is that the new payment method helps customers have more choices, limits fraud risks, increases convenience so that people feel comfortable using it and protects customers, while meeting the cost and Merchant system problems.

Dr. Nguyen Quoc Hung also said that Vietnam has currently cooperated with Thailand, Cambodia and Laos to deploy bilateral payment connections via QR codes, and will soon connect with China and other countries in the region. However, there are still some difficulties in clearly defining QR payment and QR money transfer. Therefore, the Banking Association wishes to discuss further with Visa on this issue.

In addition, Phan Thi Thanh Nhan, Head of the Policy Subcommittee, Bank Card Association, also made contributions and recommendations to Visa to review and adjust fees for the Vietnamese market.

At the end of the meeting, Dr. Nguyen Quoc Hung thanked Visa for taking the time to discuss frankly, share and warn about payment fraud risks with the Banking Association. At the same time, he requested that Visa continue to work directly with each bank to find appropriate solutions and support, and that there should be more joint meetings to unify and synchronize the opinions of banks on the roadmap for implementing solutions...

In addition, he requested that Visa continue to work with the Vietnam Banking Association and the Bank Card Association to warn about payment risks and fraud and actively communicate to banks, customers and the whole society, enhancing the reputation and customer experience with new payment methods.

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