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Bank of technology security race


After the customer case of Vietcombank lost 500 million, again the problem of card security, the status of hackers steal login information, payment card number and OTP transaction password to withdraw money Internet Banking and ATM continue to be interested. Banks re-enter the card security technology race.

Tien Phong Commercial Joint Stock Bank (TPBank) has launched a new version of Internet Banking, in just 8 seconds, customers can transfer money to accounts opened in 24 banks.

Similarly, BIDV also increased its safety by sending SMS messages to customers' mobile phones as soon as the transfer was completed. Ban Viet Commercial Joint Stock Bank 24/7 Banking Mobile Banking application, manage beneficiary list, automatically locate customer location and guide the nearest branch to ATMs.

Transaction via Mobile Banking saves up to 13 times the Call Center, 13 times the ATM. That is why banks are racing to invest in security technology, especially Internet Banking and Mobile Banking.

With this service, banks apply 3-layer security system, including login name, combination of 128-bit password key (selected by customer) and OTP security code changed from time to time. through a special security device issued by the bank (Token) or automatically generated randomly sent to the customer's phone number (SMS OTP).

The security system will help protect your clients from identity theft and data stolen by third-party intrusion or password-stealing software. Secure new Token access to online banking channels.
However, in the context of technology crime is increasing, the security can not be absolute.

An expert on card payment solutions said, "Any technology that comes out of it has hackers trying to penetrate, so it can not be 100% safe and secure at the moment. Therefore, banks have to constantly compete with hackers. At present, card services and technology in Vietnam are inherited the highest safety standards of the Payment Industry Organization Payment Card Industry (PCI) card, but if banks do not regularly update, improve the security solutions related to card transactions, the ability of hackers can attack is inevitable. As the security of the magnetic card based only on the password should expose the password (when previously lost card information) is likely to be attacked, by the card Since it's encrypted only once, the data can easily be stolen with a normal reader, which is why banks are considering changing technology from card to chip. "

According to the analysis of information technology experts, compared to magnetic cards, the use of chip attached to the plastic card has many features superior to the magnetic card because the important information is encrypted with security. high, difficult to be read, not copied, lost data.

However, this transition is not just a one-card transfer that requires synchronization from the issuing, payment system, ATM system and national switching system. At the same time, the cost of issuing cards is not as great as the management and maintenance, supervision for the card system. The cost of upgrading the card management and issuance system requires huge investment.

>> 4 solutions to cope with hackers

A representative of MasterCard said: "Some banks have not converted from chip to chip because of the high cost, but if the risk occurs, the cost is much higher than that. Long-term and short-term benefits In particular, with the increasing trend of e-commerce transactions, banks upgrading their cards to 3D Secure will help cardholders and merchants to be safeguarded by 3D Secure. There is another layer of security. "

Recently, PVcomBank asserted that all exchanged information on Internet Banking and Mobile Banking application are encrypted, using secure digital certificates of reputable and competent service providers in the world. . Every transaction via Internet Banking, Mobile Banking and eCommerce is authenticated by SMS OTP.

Mechanism of SMS OTP transmission between PVcomBank and service provider is via a separate transmission line, with a mechanism for monitoring transactions to proactively detect abnormal transactions.

Techcombank also warned customers about the risk of credit card payment, and asked customers to go to branches and exchanges to change their cards.

TPBank recommends that customers redeem a new credit card if they used to buy tickets on the Vietnam Airlines website, pledged to support 60% of card renewal fees to ensure information safety.

According to the MasterCard representative, this unit recently deployed a risk prevention system. The new feature of the system is that banks can apply directly to MasterCard for a very low fee. The bigger advantage of the system is that banks can self-regulate their internal risk management principles.

In order to ensure the safety of all online transactions, PVcomBank advises customers not to provide financial information of a private nature (username, password, account balance) to any party through the Internet. voice, message

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