With the rapid development of financial technology and the increasing threats to cybersecurity, major banks in Vietnam are taking measures to strengthen customer identity verification and transaction security.
Recently, Vietcombank, Agribank, Sacombank, SHB, VPBank, MB, and Shinhan Bank have all issued notices to their customers, announcing that from January 1, 2025, they will suspend transaction services for accounts or bank cards identified with expired documents or those customers who have not registered biometric authentication (including fingerprint and facial recognition).
This measure aims to ensure the accuracy and security of customer financial transactions, and also reflects the banking industry's efforts to continuously improve and adapt to the new technological environment.
Sacombank was the first to announce that from January 1, 2025, it will temporarily suspend all transactions at counters and online channels for customers with expired identity documents. This means that if customers do not update their identity proof documents in time, they will not be able to conduct transactions at any of the bank's channels, whether traditional counter services or convenient online services. Additionally, services such as ATM/CDM withdrawals, card activation, or card renewal will also be interrupted if customers have not completed biometric registration.
Sacombank's decision clearly communicates to customers that ensuring the accuracy and security of identity information is a prerequisite for conducting financial transactions.
Similarly, NamABank has also stated that starting from 2025, if a customer's identity proof documents are no longer valid or the information has not been correctly compared with national data, the bank will suspend all payment transactions and account withdrawals.
This measure is aimed at preventing identity theft and fraud, thus protecting customer assets. If customers do not have proper biometric authentication, the bank will also stop electronic payment services, further enhancing transaction security.
VPBank has issued a similar notice, reminding customers that from January 1, 2025, any customer who has not updated their biometric information or has expired documents will be prevented from all transactions. Even simple operations, such as transferring money through the VPBank NEO app or linking electronic wallets, will be denied. This decision reflects VPBank's determination and action in maintaining transaction security and customer rights.
Agribank has more specifically instructed customers to update their identity proof documents and residence proof before expiration to avoid service interruptions. This advice not only helps customers prepare in advance but also reduces transaction disruptions due to expired documents.
Shinhan Bank has also announced similar measures, stating that from January 1, 2025, transactions will be interrupted if a customer's account or bank card has expired identity documents or is not registered for biometric authentication. Customers need to update their latest identity proof documents and register for biometric information at the nearest Shinhan branch/transaction office or SOL application point. This measure not only complies with national laws and regulations but also reflects Shinhan Bank's responsible attitude towards customer asset security.
In these banks' announcements, it is clearly stated that customer online transactions will be suspended, and cards will be locked under specific circumstances. Mainly, these include two situations: one is that customers will not update expired identity proof documents; the other is that customers do not register for biometric authentication. For these two situations, banks have taken strict measures to restrict or suspend some of the bank's services to ensure the security and accuracy of transactions.
It is worth noting that from January 1, 2025, according to the 2023 Identity Card regulations, all 9-digit identity cards will become invalid. Therefore, customers who have not changed their CCCD information need to undergo conversion procedures and update the information with the bank, otherwise, they will not be able to conduct any transactions. This regulation applies not only to Vietnamese citizens but also to foreign customers currently residing in Vietnam. They also need to update their document information when it expires, otherwise, it will lead to bank transactions being blocked.
For biometric registration, banks also offer a variety of convenient ways for customers to choose from. Customers can handle biometric registration procedures at home through the bank's application (online banking), or directly at the transaction counter. This measure not only enhances the convenience of transactions but also increases customer trust and satisfaction with bank services.
However, for Vietnamese working abroad who cannot return to the country for biometric identity verification, this measure may cause some inconvenience. But the bank has also considered this and deployed many remote support solutions. For example, through the bank's application, using the national electronic identity card (VNeID) for identity verification for existing customers through mobile applications. Customers with a level 2 electronic identity account can also directly contact the bank for special support.
For foreigners living in Vietnam, if the registered residence permit document has expired, they must also update their document information in a timely manner, otherwise, it will lead to bank transactions being blocked.
